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Mittal Eyeing Armenian Copper-Molybdenum Field - Source

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  • Mittal Eyeing Armenian Copper-Molybdenum Field - Source

    MITTAL EYEING ARMENIAN COPPER-MOLYBDENUM FIELD - SOURCE

    Interfax News Agency
    Russia & CIS
    February 27, 2008
    Russia

    Lakshmi Mittal, President and CEO of the world's biggest steel producer
    ArcelorMittal, is expressing an interest in a copper-molybdenum field
    in Armenia, a source from the country's mining and metals industry
    told Interfax.

    Artur Ashugian, head of the Department for the Economics of Natural
    Resource Use and Mining at the Armenian Trade and Economic Development
    Ministry, has said he met with Mittal in Yerevan last week to discuss
    the general prospects for cooperation, however "no specific intent
    has yet been expressed."

    But the industry source said Mittal was interested in the Dastakert
    copper-molybdenum field in southern Armenia.

    The Dastakert field went on stream in the mid-1950s and was developed
    for 10-15 years by the underground method. Dastakert was mothballed
    when the Kajaran copper-molybdenum field, the FSU's biggest, went into
    production, also in Armenia. Dastakert was deemed to be unprofitable
    as its reserves were not as large as those of the Kajaran or Armenia's
    Agarak deposits, although they were richer in molybdenum.

    Dastakert is also surrounded by unexplored mineralizations containing
    copper and molybdenum and it is thought it would be profitable to
    revive the fields at today's high prices for the metals.
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