Armenian government to launch geological service for mineral exploration

The Armenian government will establish a geological service to conduct mineral exploration, Asatur Vardanyan, Deputy Minister of Territorial Administration and Infrastructure, said during the Mining Armenia forum in Yerevan.

Report informs via Armenian media that he said the ministry is currently studying the practices of foreign geological services.

"In the future, we aim to act as the client for major geological exploration projects, identify mineral deposits, and offer them to foreign investors," he said.

To attract investors, the ministry also plans to revise the standards for assessing mineral reserves. The current Soviet-based standard is expected to be replaced with the Australian JORC standard.

During the forum, the Ministry of Economy and the Union of Mining and Metallurgical Companies signed a memorandum of cooperation. Discussions included replacing existing mines, some of which may be depleted in 15–20 years.