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Armenia's Zangezur Copper-Molybdenum Plant boosts earnings 23% in 05

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  • Armenia's Zangezur Copper-Molybdenum Plant boosts earnings 23% in 05

    Interfax News Agency
    Russia & CIS Business and Financial Newswire
    June 9, 2006 Friday 10:23 AM MSK

    Armenia's Zangezur Copper-Molybdenum Plant boosts earnings 23% in
    2005



    The Zangezur Copper-Molybdenum Plant increased net profit by 22.9% to
    12.956 billion dram ($28.7 million) in 2005, from 10.537 billion dram
    ($23.4 million) a year earlier, company general director Maxim
    Akopian said.

    Commercial production and sales grew to 87.48 billion dram in 2005,
    from 65.529 billion dram in 2004.

    He said the company mined and processed 8.854 million tonnes of ore
    last year, compared to 8.563 million tonnes in 2004. The company's
    contributions to the state budget almost doubled to 29.226 billion
    dram, from 15.211 billion dram.

    Akopian said this year would be even better than last year.

    Zangezur will mine and process 9.9 million tonnes of ore in 2006, he
    forecasted.

    In 2008-2029, the company plans to reach annual production of 16
    million-18 million tonnes of ore, and intends to invest $90 million
    in modernization to achieve this goal, he said.

    Zangezur also has joint projects to produce pure molybdenum and
    molybdenum products with Armenian Molybdenum Production and the
    Yerevan Pure Iron works. The company plans to invest $15 million in
    these projects, as well as $15 million in studying the possibility of
    recovering other metals from ore and tailings and setting up the
    corresponding production facilities, recovering copper, molybdenum,
    silver, gold, rhenium and sulfur. There are also plans to study the
    economic viability of producing refined copper, in which the company
    plans to invest $5 million, Akopian said.

    Germany's Cronimet Mining 60% of the Zangezur mine. The Yerevan Pure
    Iron works owns 15%, Armenian Molybdenum Production (AMP) 12.5% and
    LLC Zangezur Mining owns 12.5% on behalf of the plant's former
    management.
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