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AGREEMENT ON SALE OF ZANGEZUR PLANT TO BE SIGNED AFTER DECEMBER 13
ArmenPress
Dec 7 2004
YEREVAN, DECEMBER 7, ARMENPRESS: Armenian trade and economic
development ministry said the agreement with Germany's Cronimet on
purchase of 75 percent of shares in Armenia's Zangezur copper and
molybdenum plant will be signed after December 13. Earlier minister
Karen Chshmaritian said it would be signed by December 5. The ministry
said the agreement is being now finalized. Under the deal the German
company will pay $132 million for 75% of the stock.
Half of the remaining stock (12.5%) will be transferred to Armenian
Molybdenum Production (AMP), set up last year in Yerevan to process
molybdenum; the other 12.5% will go to management company Zangezur
Mining, created recently by the plant's workforce and administration.
Cronimet has said it is ready to credit AMP and Zangezur Mining to
enable them to acquire their portion of stock. Cronimet owns 48%
of the stock in Yerevan's Pure Iron, which processes molybdenum
concentrate produced by Zangezur plant.
ArmenPress
Dec 7 2004
YEREVAN, DECEMBER 7, ARMENPRESS: Armenian trade and economic
development ministry said the agreement with Germany's Cronimet on
purchase of 75 percent of shares in Armenia's Zangezur copper and
molybdenum plant will be signed after December 13. Earlier minister
Karen Chshmaritian said it would be signed by December 5. The ministry
said the agreement is being now finalized. Under the deal the German
company will pay $132 million for 75% of the stock.
Half of the remaining stock (12.5%) will be transferred to Armenian
Molybdenum Production (AMP), set up last year in Yerevan to process
molybdenum; the other 12.5% will go to management company Zangezur
Mining, created recently by the plant's workforce and administration.
Cronimet has said it is ready to credit AMP and Zangezur Mining to
enable them to acquire their portion of stock. Cronimet owns 48%
of the stock in Yerevan's Pure Iron, which processes molybdenum
concentrate produced by Zangezur plant.