GeoProMining Gold, developing the Sotskoye deposits and owning the Ararat Gold-Extracting Factory, as well as Agarak Copper-Molybdenum Works, has stopped operations at the deposits.
According to the company statement, the reason was the activities of other people.
In particular, on May 17-18 and May 22 a group of people, consisting mainly of local criminal elements, blocked the entrance to the quarry.
GeoProMining bought the complex in 2007 in a rather decrepit state with debts both to the employees and the state.
In 10 years the group invested over $505 million in the modernization and development of the enterprise, which now employs over 2 thousand people. Payments to the state budgets exceed $200 million. (Ukrainian metal)