Armenia’s Banavan residents are in the way of Hrazdan iron field miners

March 14, 2011 - 17:21 AMT

PanARMENIAN.Net - Residents of Banavan community in Armenian town of Hrazdan are being persuaded to sign documents relinquishing their homes. Instead, they’re offered lodgings till new houses are built for them, reads a letter obtained by PanARMENIAN.Net

Banavan community is located at a distance of 1,4 km from Hrazdan iron field. On January 12, Fortune Oil Chinese company invested USD 24 million to purchase 35% of Bounty Resources Armenia Limited company’s shares. Bounty Resources Armenia Limited controls 3 irons fields in Armenia, including that in Hrazdan.

Hrazdan’s iron ore has high quality, containing 40% iron. According to current plan, iron mining at Hrazdan will launch in 2014, with the annual output estimated at 1,5-2,0 tons.

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