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Public Hearings Scheduled on Controversial Syunik Mine: Company Partially Owned by Adviser to Armenian Prime Minister

Public hearings are scheduled for August 21 regarding plans to operate an open pit gold and silver mine in the country’s southern Syunik Province.

The hearings will take place at the 4pm at the Tashtoun Village Municipality.

Hetq has learnt that Hamlet Hovsepyan, currently employed as an adviser to Armenian Prime Minister Hovik Abrahamyan, owns a sizeable portion of shares in AT Metals Ltd., the company that is planning to operate the mine

The planned mine is a mere five kilometers from the villages of Litchk and Tashtoun. It will encompass some 73 hectares, 33.5 of which will be used to dump wastes, and will operate for seven and a half years.

In exchange, for receiving various tax benefit, the company has promised to invest US$3 million in the project and create 180 jobs paying an average salary of 270,000 AMD.

According to Armenia’s State Registry of Legal Entities, 50.2% of AT Metals shares are owned by two Russian companies – Avia Technology Group Ltd. and AviaTechnology NGO, CJSC. They each own 25.1% shares.

45% is owned by the Armenian concern VentMine Ltd. (Hamlet Hovsepyan and his two sons Vardan and Karen, each own 30% of VentMine. The other 10% is owned by Hayk Mezhlumyan, an individual registered in Abovyan and who serves as the director of AT Metals)

Karen Hovsepyan owns the remaining 4.8%. 

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