Garadagh Cement gives up temporarily implementation of its investment program

According to the latest estimates the cost of the investment program is to make up not $75 million, but $87 million, the Board chairman of the enterprise Uwe Koehler told Trend.

"Implementation of this project is temporarily suspended, as a number of reasons do not enable us to fulfill it now. We have problems with the Tovuz deposits, the problem of which is not solved yet. Garadagh Cement has a trust enterprise in Tovuz, however, it is illegally occupied by another company. We have the decision of the last instance – the Economic Court, which states, that the rights of the Tovuz Executive Authority for the Tovuz deposit are to be transferred to us. Nevertheless, despite this, the Eko-Servis company captured this deposit and we have no access to it. The situation lasts for half a year. As long as these issues are not settled, implementation of the investment project will not be launched”, Uwe Koehler noted.