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Proven reserves of gold in Armenian deposits are estimated to be worth more than $16.3 billion, Hrachia Avakian, a leading specialist from the Institute of Economics of the National Academy of Sciences, said to a news conference, according to Asbarez.com. 

He said the projected value of these resources is about $24.7 billion. According to him, Armenia has eight proven deposits of gold, the largest being in Sotk.

Avakian also said that there are six proven fields with gold and polymetallic reserves, which can be exploited for another 300 years, producing each year 1,800 tons of copper, 5,300 tons of lead, 7,300 tons of zinc, 670 kg of gold, 70 tons of silver, 2,300 tons of cadmium, 11 tons of bismuth, 18 tons of selenium, and many other metals, as well as several thousand tons of sulfur and iron.

“The value of proven gold and polymetallic reserves in Armenia exceeds $19.4 billion,” Avakian said.