Yerevan /Mediamax/. Representative of Internatioanl Financel Corporation (IFC) Fernardo Ruis-Mier said today that there is large mining potential in Armenia but it’s not yet known as a country beneficial for investments.

Fernardo Ruis-Mier said this during “Responsible Mining in Armenia: Opportunities and Challenges” conference today, Mediamax reports.

He stressed that mining companies financed by international organizations meet the environmental requirements of the financing structure.

“Not a single company which provides investments would want to find itself on Financial Times front page as one supporting a company which violates environmental or social norms”, noted  Fernardo Ruis-Mier.

Another IFC representaitve Karlsten Fuelster spoke on ways of mitigating risks to ensure long-term funding of mining projects.

Touching upon financing of Lydian Company which implements Amulsar project in Armenia, Karlsten Fuelster noted that “the programs implemented by the company so far meet IFC’s environmental and social standards”.