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Agarak Copper-Molybdenum Combine To Resume Production

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  • Agarak Copper-Molybdenum Combine To Resume Production

    AGARAK COPPER-MOLYBDENUM COMBINE TO RESUME PRODUCTION

    /PanARMENIAN.Net/
    19.06.2009 14:50 GMT+04:00

    /PanARMENIAN.Net/ Starting from July Agarak Copper-Molybdenum Combine
    will resume its production activities. Its operation was temporarily
    stopped in February of 2009, GeoProMining company's press office
    reported.

    Since the crisis burst out, the shareholders have invested in the
    Combine more than USD 15 million, which was spent on covering the
    losses and social payments.

    GeoProMining Company is performing all the obligations undertaken to
    the government and the staff. The Combine is employing 900 people.

    >From the moment of the stoppage of the Combine 500 employees
    continue to receive their full salaries, 400 people are on paid
    leave and receive two thirds of their salary. GeoProMining presented
    the employees the possibility of making use of their accumulated
    holidays. Monthly salary fund of the Combine is forming USD 500 000,
    main part of which is formed at the production sector. Presently some
    renovation works are being carried out at the combine, and also for
    optimization of the management structure.

    GeoProMining Group is specialized 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 Company's mines and processing plants of are located
    in Armenia, Georgia, Russia.

    From: Emil Lazarian | Ararat NewsPress
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