Nagin LLC envisages investing $262 million 546 thousand for operation of Hrazdan iron ore mine in Kotayk Marz (Province), thanks to which 2,500 jobs will be created. Minister of Energy and Natural Resources Armen Movsisian said that by a decision that Ministry of Energy and Natural Resources took on 18 March 2008, resources of Hrazdan iron ore mine were estimated at 77 million 736.4 thousand tons. In the words of environmentalist Karine Danielian, the operation of Hrazdan iron ore mine may have a number of negative effects. In particular, Yerevan may be deprived of 40% of its drinking water as most of Yerevan’s drinking water sources form in Hrazdan and the areas not far from it. She said that the mine’s operation may also have a negative effect on tourism. ‘Many of the tourists will hardly come to a country covered with mines-sores,” she noted. Nagin LLC received a license for operation of the Hrazdan mine for a period of 25 years from the RA Ministry of Trade and Economic Development on 26 January 2007. Based on it, all the resources of the mine (with productivity of 2 million tons a year and 31.85% average content of iron) were given to the company for operation. On 10 March 2009, Nagin LLC and the RA Ministry of Energy and Natural Resources signed an agreement, by which 70 million tons of iron ore with a 26.46% average content of iron were given to the company for operation. In March 2011 Nagin was renamed Fortune Resources LLC.

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