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CJSC Armenian Copper Programme Increases Production Volumes Of Black

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  • CJSC Armenian Copper Programme Increases Production Volumes Of Black

    CJSC ARMENIAN COPPER PROGRAMME INCREASES PRODUCTION VOLUMES
    OF BLACK COPPER BY 131.6%

    YEREVAN, MAY 2. ARMINFO. The Armenian metallurgical company CJSC
    Armenian Copper Programme (ACP) engaged in production of black cooper
    at Alaverdi copper smelting works increased its production volumes in
    the first quarter of 2005 by 131.6%, which made up 5.159 bln AMD ($11.2
    mln), the Ministry for Trade and Economic Development informs ARMINFO.

    According to the source, the export of the production in the period
    under review grew 69.5% totaling 4.882 bln AMD ($10.6 mln). The produce
    is fully supplied to cooper smelting works in Europe through direct
    deliveries. The export volumes in 2004 totaled $38 mln as against
    $13 mln in 2003. In 2004 Acp processed 40,000 tons of concentrate
    and extracted 9.5 thousand tons of black copper as against 24,000
    tons and 6.3 thousand tons in 2003 respectively.

    To note, in 2001 ACP was provided licenses for 25 yeas for recovery
    of Alaverdi copper and Tekhut copper-and-molybdenum deposits. The
    company has not started the exploitation of the Tehkut deposits
    still exploring the territory. Since the beginning of 2004, ACP
    began extracting concentrate from the affiliated enterprise Base
    Metals LTD for the first time. The latter exploits Drmbon copper and
    gold-mining deposit in Mardakert region, NKR. To ensure stable base
    of raw- materials, ACP concluded a contract with Agarak mining and
    processing plant for supply of 25,000 tons of copper concentrate. 81%
    of the shares of CJSC Armenian Copper Programme belong to the company
    Vallex F.M. Establishment registered in Liechtenstein and 19% to the
    citizen of Russia, Valeriy Mejlumyan.

    From: Emil Lazarian | Ararat NewsPress
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