Lydian International stock up after saying changes to Armenian legislation could save it $100 million in operating costs at its 2.1moz Amulsar project.
Armenia Mining News
A Russian company exploiting Armenia's largest gold mines has reported a sharp rise in output last year and pledged to raise production levels further after modernizing its gold smelter in the southern town of Ararat.
Radio Free Europe reports an increase in world prices for base metals has made a 60-year old German-owned mining company the largest corporate taxpayer in Armenia. Data from the positively Soviet-sound State Revenue Committee released on Tuesday show the Zangezur Copper and Molybdenum Combine paying more than 15 billion drams ($41 million) in various taxes and duties in the first half of this year, compared to just 5.5 billion drams the same period last year.
Caldera Resources has filed a complaint with the American Arbitration Association against Global Gold Corporation who unilaterally and illegally terminated the JVA between the parties.
Fortune Oil has increased its investment in Armenian iron ore mines after amending an option agreement. In January, Fortune took a 35% equity interest in Bounty Resource Armenia, a company which controls three iron ore mines in Armenia, for $24m with an option to increase this holding to 50% for an additional investment of $16m. The option exercise consideration of $16 million will be financed from the company's existing cash reserves.