Mining


Armenia’s ore mining companies to be obliged to reveal all their real owners
/Feb 21/ARKA/

YEREVAN, February 21. /ARKA/. The Armenian government approved today at its regular meeting amendments to the law on earth entrails. The amendments imply to open names of all real shareholders of the country’s ore mines. 
Garegin Baghramyan, acting energy infrastructures and natural resources minister, said that the amendment is aimed at enhancement of transparency of management of the mining industry.
“The amendments will make it possible to reveal the real owners and shareholders of the ore mines up to the companies registered in offshore zones, which will be obliged to name all real shareholders regardless of the size of their share,” he said. 
Real owners of ore mines will be obliged to submit income declarations.  
If they defy the requirement, their companies will become subject to sanctions – their companies’ activities will be ceased, or their licenses will be voided.  
An open list of real owners is planned to be composed in Armenia. 
Remarkable is that legal entities were considered as owners before, while after adoption of the amendments, companies will be obliged to reveal all affiliated entities, including those in offshore zones.  

 The amendments also propose new sanctions, such as termination of the license validity, while now the law implies only one sanction – warning or temporary termination.
 

Prosecution to probe mine ownership issue
/Feb 21/ArmenPress.am/ 

EREVAN – A few months earlier the State Commission for Protection of Economic Competition had notified Prime Minister Nikol Pashinyan on a study that shows the majority of mines in Armenia to be owned by offshore companies.

The PM said at a Cabinet meeting today that he forwarded the notice to the Ministry of Energy Infrastructures and Natural Resources.

“Why aren’t we forwarding this notice to the law enforcement bodies for a probe?” – the PM said, tasking the ministry to redirect the letter to the general prosecution.

“Because it seems that the majority of Armenia’s mines are being managed from a single place and this is an odd fact in itself. I think it’s worth the law enforcement’s [attention]”, he said.

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