Armenia, rich in mineral resources, has a long history in mining going back 5,000 years. The Soviets explored and mined in Armenia for many years; however, it wasn't until 1995 that the country began to attract foreign investment in an open bidding process for the rights to mine 33 deposits. By 1996, minerals and mineral products were primary export commodities. Today, several foreign companies including Chronimet, Dundee Precious Metals, and Lydian International are invested or operating in Armenia.
In many respects, Armenia is unique. It has strong relations with both the U.S.A and Russia and is a member of more than 40 international organizations including the WTO. An excellent legislative and treaty framework presents an attractive environment.