YEREVAN.- It is necessary to create a state mining company, which will control major assets of mining companies and the flow of funds in this field, said expert from ARF Dashnaktsutyun party Ashot Yeghiazaryan.

Yeghiazaryan, jointly with chairman of Armenia’s Green Union Hakob Sanasaryan, expressed discontent with the new Code on mineral resources approved by the Armenian parliament.

According to ARFD member, 80% of mines’ profits should be allocated to the state budget and only 20% left to the operating company.

Under the new code, companies of mining industry will not be fullly taxed, Sanasaryan stressed.