The Armenian-Russian Mining Company (ARMC) has shut down its activities following a decision by Armenia's government.
“Closing down the company is due to the fact that exploration it was undertaking, did not reveal availability of uranium ore on commercial scale," Ervand Zakharyan, Minister of Energy and Natural Resources told local media. He said ARMC had performed all works under the license and that Russia had fulfilled its financial obligations.
The joint venture ARMC for exploration, mining and processing of uranium was registered in July 2008. Its founders on the basis of parity are Russia's Atomredmetzoloto and Armenia's Ministry of Environmental Protection.