Canadian company produces 13t gold from Soyudlu field in occupied Kelbejer region

FDM Company plans to invest $12mln to gold extraction field of Armenia.

Besides, Armenian government carries negotiations with World Bank International Finance Cooperation and other foreign banks to involve new investments to the gold extraction in occupied Azerbaijani territories. Canadian company has invested $22.1mln to the gold extraction in occupied lands up to last year. In general FDM allocated $4mln for geological exploration in Armenia and occupied Azeri territories.

Soyudlu field is in the territory of Kelbejer region of which 73% has been occupied by Armenia.

The exploitation of the field had been stopped in 1992. It was restored by the US experts in 1996. They found out 40t gold in the field. Armenian Industry and Tourism Minstry signed an agreement worth 63.3mln with FDM in September 1997. Markus Randolph, "Sterlite Gold LTD," owns the assets of FDM. FDM acquired a 50% stake in Armenian state organization "Ararat Gold Recovery Company" in 1998 and began gold extraction. The company acquired the rest 50% stake in 2002 and became a wholly owner of Armenian company. 1200 FDM officers are working in the occupied lands and in Armenia. Their average monthly salary is $150-190. Most of entrepreneurs are Indians, Ecology and Tourism Ministry told APA.