Fortune Oil, a quoted company in London and based in Hong Kong, and an
investor in oil and gas projects in China, has agreed to invest $24
million to purchase 35% of the capital of Bounty Resources Armenia,
South China Morning Post says, News.am reports.
Bounty Resources Armenia controls three Armenian iron ore deposits
with estimated reserves of 1.83 million tons. Fortune Oil may increase
its share in the capital by 50% for additional investments of $16
million.
Yahoo Finance reports that the three iron deposits are in the Armenian
cities of Razdan, Abovyan and Svarants and have estimated reserves of
77 million tons in Razdan, 255 million tons in Abovyan and 1500
million tons in Svarants. The deposits were developed in several
phases. Investments worth $24 million and any income from stock option
plan will be aimed at preparing the deposits, ore extraction and its
processing for maximum iron ore concentrate (66% iron).
