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The activity of Armenia’s 4th largest taxpayer, GeoProMining Gold company exploiting the Sotk gold mine, is under threat, economist Suren Parsyan warns.

"Even after so many losses, it is at least strange to see the carelessness of the incumbent authorities and their continuous attempts to mislead the public. Many eyewitnesses sounded the alarm about the invasion of the Sotk mine by the Azerbaijani troops, but the authorities, as always, are inactive, thinking only of extending their grip on power,” the economist wrote on Facebook.

“Regardless of who will remain in power, control over that mine is of strategic importance. GeoProMining Gold company operating the Sotk mine is one of the largest taxpayers in Armenia with a large number of jobs,” he said.

In January-September 2020, the company paid 16.3 billion drams in taxes ($34 million) to the state budget, up by 30.4% or 3.8 billion drams from the same period of 2019, the economist said.

“The government must take steps to ensure the smooth operation of the Sotk mine, as every day of non-operation causes great and irreversible damage to our country's economy and population. Besides, the reduction of tax revenues will cause serious problems in attracting much-needed loans in the future,” Parsyan added.