GLOBAL GOLD MINING DEPRIVED OF ITS LICENCE FOR EXPLORATION
OF MARJAN MINE
05-09-2006 19:00:00 | Armenia | Economy
YEREVAN, SEPTEMBER 5, NOYAN TAPAN. The RA Ministry of
Nature Protection deprived the company Global Gold Mining (GGM)
of its licence for exploration of the mine in Marjan (Sisian).
The RA Minister of Nature Protection Vardan Aivazian stated this
at the September 5 press conference. According to him, the
company has no longer the right to carry out work at the above
mentioned mine. However, GGM is continuing exploration of the
Marjan mine, so the ministry has applied to the RA Prosecutor
General's Office.
GGM's director Ashot Poghosian told NT correspondent that
the company has sent the minister a letter with the indication
of the respective RA law's provisions, according to which "the
unilateral annulation of a licence through a statement or letter
is forbidden". He noted that the ministry was obliged to warn in
writing the company about its decision to cancel the company's
licence, and if the company committed a violation, the ministry
was to allow GGM to eliminate that violation within a 90-day
period. After that, the company must have been given an
opportunity for damage compensation repayment. In the event that
compenstaion is not paid, the ministry may apply to court. Yet,
according to A. Petrosian, GGM has never received such a warning
from the ministry.
"If the ministry does not observe the provisions of the RA
law and international agreements and continues making illegal
statements, it means that we have a "textbook" example of
confiscation of our investments," A. Poghosian said.