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SCR And Group Of Companies GeoProMining Signed An Agreement On Strat

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  • SCR And Group Of Companies GeoProMining Signed An Agreement On Strat

    SCR AND GROUP OF COMPANIES GEOPROMINING SIGNED AN AGREEMENT ON STRATEGIC COOPERATION

    ARKA
    Dec 1, 2009

    YEREVAN, December 1. /ARKA/. South-Caucasian Railway and group of
    companies GeoProMining signed an agreement on strategic cooperation
    and partnership on Tuesday.

    The agreement includes regulation of interrelations of parties related
    to organization of transport service within the group of GeoProMining
    on transportation of gold mines from Sotk subsoil to Ararat processing
    plant on mutually beneficial conditions.

    "We emphasize the importance of service and considered the program of
    our cooperation targeted at the increase of transportation volumes",
    said Shevket Shaydullin, General Director of CJSC "SCR".

    "On the basis of the agreement, a working group was established
    which will deal with technical issues directed at the minimization
    of expenses. We expect fruitful and long-term cooperation", he said.

    Investments of SCR in the frames of the agreement will be 523
    million rubles in 2010-2011. Roman Khudoliy, President of the Group
    of Companies GeoProMining said that the signed agreement showed that
    large companies can develop mutually beneficial cooperation.

    "We plan to increase the volume of gold mining and depend on the
    railway and transportation. Railway company is interested in assisting
    the infrastructure via transportation", said Khudoliy. The agreement
    consists of general principles of interrelation of parties targeted at
    the quality increase of transport service and improvement of transport
    expenses of organization of transportation in agreed terms.

    GeoProMining and SCR conduct negotiations for the increase of
    transportation volumes from Sotk subsoil to Ararat processing plant.

    It is planned that SCR will create opportunities for
    Sotk-Vardenis-Hrazdan-Ararat direction for transportation of 1,5-2
    million tons annually.

    CJSC "South Caucasian Railway" is 100% affiliate of Open JSC "Russian
    Railway". CJSC "Armenian railway" was transferred under concession
    management of CJSC "SCR" according to Concession Agreement signed
    on February 13, 2008. The terms of concession management is for 30
    years with the right of prolongation for another 10 years.

    The group of companies GeoProMining is international private company
    with diversified resource base of metals established in 2001. The
    production includes gold in the form of alloy "dore", as well as
    copper molybdenum concentrates. The group deals with mining of metals
    in the territory of Russia, Armenia and Georgi.
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