China-focused Fortune Oil\u00a0 plans to invest $500 million in Armenia’s iron mining industry, the Armenian prime minister’s press service said in a statement.<\/p>\n
The statement was released on Wednesday after a meeting between Armenia’s prime minister and the company’s executive vice-president, Reuters reports.<\/p>\n
There were no other details in the statement.<\/p>\n
The company, which manages operations in oil and gas supply and infrastructure projects in\u00a0China, reported in January 2011 that it had acquired a 35 percent stake in Armenian iron ore miner Bounty Resources Armenia, which controls three iron mines, for $24 million.<\/p>\n
It plans to increase its stake to 50 percent, paying an additional $16 million.<\/p>\n
The three iron ore mines are located in the Armenian towns of Hrazdan and Abovyan and the village of Svarants.<\/p>\n
The mine is Hrazdan, which is planned to be developed first, contains high quality iron ore with 40 percent iron concentration.<\/p>\n
It’s estimated to contain 77 million tonnes of iron ore and is expected to be developed over 15 years, starting production from 2014.<\/p>\n
The mine in Abovyan is estimated to contain 255 million tonnes of iron ore, while Svarants mine is estimated at 1.5 million tonnes.<\/p>\n","protected":false},"excerpt":{"rendered":"
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