Sberbank Capital, a subsidiary of Russia’s Sberbank, has purchased 49% of the shares of the gold mining company operating in Lusajur in the Kotayskaya Region of Armenia, ARKA reports.
The license for the gold deposit belongs to Paramoung Gold Mining. Armenian businessman Tigran Arzakantsyan owns 51% of shares in the operation.
The deposit is located 70 km from Yerevan. It is planned to be launched before the end of 2012. It has about 18.5 tons of gold (category C1 + C2). About 0.7 to 1 ton of gold is planned to be extracted annually in late 2013. A refinery was built with an output of 150,000 tons of ore annually.
The project will create 450 highly-paid workplaces.
