GeoProMining paid no taxes for six years
Chairman of the RA Control Chamber Ishkhan Zakarian today presented a report focusing on two important sectors -education and exploitation of mineral resources. The revelation deserved consideration.
In particular, it became clear that the gold mines of Sotk (Gegharkunik) and Meghradzor (Kotayk), have been operating with gross violations of law since 2004. In addition, GeoProMining Company, which operates the mines, refrained from paying taxes for six years arguing that "the company is in the red."
In 2007, the company reportedly suffered a loss of AMD 15 billion 645 million, in 2008 - AMD 17 billion 273 million, and in 2009 - AMD 11 billion 605 million.
Ishkhan Zakarian noted that gold prices have risen in international markets from $21 to $40 between 2007 and 2010.
Under the contract, GeoProMining was to produce 600 tons of ore in Sotk and 120,000 tons in Meghradzor but the company failed to meet its cobligations and broke the license conditions.
Moreover, GeoProMining took a loan of $250 million from VTB bank and made no investments in the field.
The Control Chamber urges the government to deprive the company of its license and promises to set strict guidelines for Armenian pits.
The Control Chamber Chairman stated that the natural resources being mined belonged to the state and that any violation was prosecutable.
Ishkan Zakarian avoided mentioning the names of GeoProMining Gold's owners, arguing that doing so would just lead to subjective speculation and rumour.
