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Armenian Prime Minister: The Largest Ore Mining Companies Of Armenia

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  • Armenian Prime Minister: The Largest Ore Mining Companies Of Armenia

    ARMENIAN PRIME MINISTER: THE LARGEST ORE MINING COMPANIES OF ARMENIA WILL CARRY OUT NO CUTS UNTIL SUMMER 2009

    ArmInfo
    2009-04-14 14:52:00

    ArmInfo. The largest ore mining companies of Armenia will carry out
    no cuts until summer 2009, Armenian Prime Minister Tigran Sargsyan
    said during a press-conference dedicated to the social consequences
    of the global financial and economic crisis in Armenia. The prime
    minister said that such a decision was taken during the meetings with
    representatives of the largest enterprises of the ore mining industry.

    "The ore mining field has become one of the most vulnerable spheres
    over the period of the crisis. Earlier the high prices of color metals
    allowed the heads of the companies not to carry out cuts and even
    pay up to two-thirds of salary to the employees during the downtown
    period", Sargsyan said. To recall, the emergency center under the
    Armenian Government provided the Zangezur copper-molybdenum complex
    with a loan worth $10 mln at Libor + 6%, which ensured not only the
    development of the complex itself, but operation of about 200 satellite
    enterprises. "Zangezur complex is one of the strategic enterprises of
    our country. Such enterprises need priority support of the emergency
    center",- he said.

    From: Emil Lazarian | Ararat NewsPress
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