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German, U.S. companies to buy Armenian molybdenum plant

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  • German, U.S. companies to buy Armenian molybdenum plant

    Interfax
    Aug 9 2004

    German, U.S. companies to buy Armenian molybdenum plant

    Yerevan. (Interfax) - The German company Chronimet and Comsup
    Commodities of the United States will each be acquiring 50% of the
    stock in Zangezur Copper/Molybdenum Plant (ZMMK) in Armenia, the
    country's Trade and Economic Development Minister Karen Jshmartian
    announced at a Friday press conference.

    Chronimet's investment program is aimed mainly at developing ore
    processing, Comsup Commodities' at developing the Kadzharan copper
    and molybdenum mine, where ZMMK operates.

    To ensure effective operations, the tender commission that selected
    these companies decided to merge their offers and charge them with
    preparing a joint project by September. Before 2004 ends, Jshmartian
    said, the sale of 100% of the ZMMK stock will have been completed.

    The Kadzharan copper and molybdenum mine has the largest reserves of
    any in the former Soviet Union.
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