OREANDA-NEWS. August 12, 2009. Public Services Regulatory Commission (PSRC) of Armenia is warning to suspend the license of GeoProMining Company for exploitation of radio frequencies. PSRC Chairman Robert Nazaryan declared at the Wednesday session of the Commission that the company''s license for use of radio frequencies in the network of mobile radio communication will be suspended if it fails to repay 11.4 million drams (nearly US31,000) liabilities to the state budget within 15 days.

GeoProMining Gold (the legal successor of Ararat Gold Recovery Company) , applied to the PSRC for re-registration of the license for radio frequencies after it was renamed. The company proposed paying off the debt on deferred terms till December 31 2009, but R. Nazaryan rejected.

"The debt should be repaid within more reasonable period of time," he said. GeoProMining Gold Administrative Director Yeprem Terteryan said at the session that the arrears were accumulated in 2006-2008 when the enterprise was idling and now when the production was reactivated the company has got a possibility to pay off the debt to the state budget gradually. He said that the company has already paid 4 million drams of the previous debts except the monthly payment for radio communication and is ready to pay off the whole debt.

GeoProMining Group is an international private company founded in 2001. It has a diversified resource base of metals and recovers metals in Russia, Armenia and Georgia.