YEREVAN. – The Armenian-Russian Mining Enterprise Company will be liquidated.

The Government of Armenia has made the respective decision at Thursday’s Cabinet meeting.

At the session, the Minister of Energy and Natural Resources, Yervand Zakharyan, noted that the company closure due to the fact that the search for uranium deposits in Armenia—and which this enterprise was engaged in—has not found the necessary uranium deposits in the country. 

“[The company] has carried out all of its activities envisioned by the license, and the Russian side, [has fulfilled] its financial commitments,” noted the minister.

The government owned 50 percent of this company while the ARMZ Uranium Holding Co. (AtomRedMetZoloto), which is a Russian uranium mining company, owned the Russian part of this enterprise.

A total of US$3 million were spent on the search for uranium in Armenia.