"First Dynasty Mines" Company of Canada invested US $22, 1 in gold extraction in Azerbaijan territories

"It plans to invest US $12mn in Armenian gold extraction by the end of next year," Arif Iskenderov, the chief of Ecology and Natural Resources Ministry Ecology and Nature Protection Policy Department told.

He said that Armenian government negotiates with International Financial Corporation of World Bank and other foreign banks. FDM invested US $4mn in geological exploration in Armenia and occupied Azerbaijan territories.

The company plans to extract over five tones of gold in Kelbejer, occupied Azerbaijan region. It established a lab of US $70 00 in Soyudlu field in Kalbajar. It plans to establish the same in Ararat gold extraction.

73 percent of Soyudlu field is situated in occupied Azerbaijan territory. The exploitation of the field was stopped in 1992. US specialists began geological exploration of the field in 1996.

Armenian Industry and Commerce Ministry and FDM Company signed a contract of US $63, 3mn in 1997. Sterlite Gold Ltd owns assets of FDM Company. The same company bought stocks of Ararat Gold Recovery Company in 2002 and became its owner.

12 000 employees of FDM work in Armenia and occupied Azerbaijan territories. Their average monthly salaries are US $150-160, APA reports.