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Agarak Copper And Molybdenum Plant Will Resume Full Production In Ea

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  • Agarak Copper And Molybdenum Plant Will Resume Full Production In Ea

    AGARAK COPPER AND MOLYBDENUM PLANT WILL RESUME FULL PRODUCTION IN EARLY JULY 2009

    ArmInfo
    2009-06-19 14:02:00

    ArmInfo. Agarak copper and molybdenum plant (ACMP) will resume
    full production in early Junly 2009, says the press release of the
    GeoProMining Group, the owner of the plant, disseminated at the
    request of ArmInfo.

    The press release says the plant was suspended in February of
    2009. From the beginning of the crisis (October 2008) the plant has
    been incurring losses, which were covered by the investments by the
    shareholders. Since the crisis began the shareholders have invested
    in the plant over 15 million USD, which were spent to cover the losses
    and make social payments.

    GeoProMining Company is performing all the obligations undertaken
    before the Government and the staff. The plant is employing 900 people.

    >From the moment of suspension 500 employees have received their full
    salaries, 400 people are on paid leave and receive two thirds of their
    salary amount. GeoProMining presented the employees a possibility
    of making use of their accumulated holidays. Monthly salary fund of
    the plant is 500 000 USD, the major part of which is secured by the
    production sector. Presently some renovation works are being carried
    out at the plant, as well as certain optimization of the management
    structure.

    GeoProMining Group obtained the shares of Agarak Copper-Molybdenum
    Plant for 78 million USD by receiving loan at VTB bank in December
    of 2007.

    GeoProMining Group is specializing in mining and ore-dressing of
    complex ore (copper, molybdenum, antimon) and precious metals (gold,
    silver).

    GeoProMining Group has a diversified production structure and
    markets. The mines and processing plants of the Company are located
    in Armenia, Georgia, Russia.

    From: Emil Lazarian | Ararat NewsPress
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