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Edik Baghdasaryan

Parliament President’s Mining Interests

Hovik Abrahamyan has a soft spot for gold

It turns out that RA National Assembly Chairman Hovik Abrahamyan has a soft spot for precious metals; gold in particular. Paramount Gold Mining, a company he owns, was awarded an operating license last year.

Another shareholder in the company is MP Tigran Arzakantsyan. The two legislators received a 25 year operating license for a long-term site at the southern portion of the Meghradzor mine in Kotayk Marz. This is not all. These two "metal giants" of the National Assembly were awarded another mining license.

In 2010, Paramount Gold was awarded a license at Meghradzor gold mine's Lousajur section. According to a Hetq source, MP Tigran Arzakantsyan, who has not been seen in parliament for quite awhile, is now in Europe seeking out buyers for the mine.

We'll probably read about the sale in the internet just like we read about the Chinese buying three Armenian iron mines.

Hovik Abrahamyan is no newcomer to the mining sector. He was involved in the sale of the Hankavan gold mine. He also owns an exploratory license for the copper and molybdenum mine in the Vayots Dzor village of Yelpin. The license went to Argamik Ltd., a company registered in the village of Mkhchyan. The company is owned by Argam Abrahamyan, Hovik's son.

Photos: Gagik Shamshyan

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