Stealing Armenia's Gold, Again

Ah, gold. What self-respecting Armenian doesn't have at least a few pounds of it stashed somewhere? As of this very moment, the price of Gold stands at $833.20, having made a mad rush to that position in the last few years, no thanks to the present economic uncertainties. So where does Armenia fit in all of this, you ask?

In the town of Ararat - about an hour's drive south of Yerevan, Armenia's capital - investors from Russia have moved in to take control of what is believed to be one of the biggest gold-mining operations in the country.

But there's more to it than that.

Azerbaijan says a considerable amount of the Zod mine is in its territory, at present occupied by the Armenian military.

And let's not forget the previous owners:

In 2002, AGRC was taken over by a company controlled by the family of Indian mining billionaire Aneel Agarwal. But its operations were closed down after the Armenian authorities accused the company of reneging on various licensing agreements. The company was charged with tax fraud and environmental violations and ordered to pay millions of dollars in fines.

Besides the laughable notion of the Armenian government charging anyone with tax fraud, this is yet another nail in the coffin that is Armenia's economic future. We've given away nearly everything in the name of short term profits, but what of the future?

Critics will contend that some of the assets are actually on a long-term lease, but this isn't the case with all of them. Besides, how absurd is it that to revitalize the economy and move it forward means giving control of important assets to foreigners? We only have so much left!

Source: BBC News

Gazprom to Build Oil Plant in Armenia

I should note that it seems plans are not yet finalized, even though some sources make it seems as if they are. Let the pollution begin!

Gazprom Neft Russian company announced the intention to build an oil processing plant in Armenia. The capacity of the plant is supposed to make 7 million tons per year.

The plant will be located at the border of Armenia and Iran, the supplier of the stock. A new pipeline from Tebriz will be laid for the purpose. The processed stock will be delivered to Tehran via a railway that doesn’t exist yet, reports Kommersant daily.

Can't join in the railroad project with the Kars-Gyumri line? Team up with Russia and Iran and build a whole new line and make barrels of money! Smart thinking.

Source: Yerkir

Russia to Double Investments in Armenia

Translation: Russia will buy up more of Armenia!

"Today, the volume of Russia's accumulated investments in Armenia makes up 800 million dollars. But three Russian companies - VympelKom, Rusal and Gazprom are planning investments and already investing," he added.

"It will double the volume of investments to 1.5 billion dollars in the nearest future," Putin stated.

"Other companies also display an interest in working on the Armenian market. It instills optimism," he added

Alone Vympelcom's investments will make up 490 million dollars," the Russian president noted.

Hooray for capitalism! While increased investment is always a good thing, we should stop to realize the potential consequences of so much Russian money in a tiny country like Armenia.

Source: Itar-Tass