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GEOPROMINING WILL MAKE ADDITIONAL INVESTMENTS IN ACMC CJSC
ArmInfo
2010-02-04 12:10:00
ArmInfo. GeoProMining Company is planning to invest in modernization
of ACMC CJSC additional resources. The volume of investments is not
specified yet and the final sum will become known after reconstruction
of the processing plant, which, according to plans will finish within
a two year period, GeoProMining Company press-service told ArmInfo.
Recently global prices for copper and molybdenum have started to
increase, which have increased the income of the company, as well as
its attractiveness for investments. Investments include also the RA
Government loan of 14 million USD, lent in 2009. Let's remind that
on June 26 the RA Government made a decision to grant a budget loan
to ACMC CJSC of 14 million USD, for 4 year period. The Government
loan was granted to ACMC for investment project, which include
procurement of machinery and reconstruction of the plant. Part of the
loan amounts was used for purchase of mining machinery, which have
already been delivered and set in operation. Specifically, 5 BelAz
mine dump-trucks of 55 ton carrying capacity. At the end of 2009 the
company obtained BelAz wheel-loaders, two TK wheel-tractors and one
tractor with bulldozer and ripper. Purchase of mining machinery and
reconstruction of the processing plant constitutes the component part
of the Company's anti- crisis program, directed on increase of mining
volumes and competetiveness of the Company's production.
Other part of the loan amount was used for purchasing of flotation
equipment ,,Metso Minerals,, , delivered at the beginning of 2010. The
machinery operated at ACMC for many years were morally and physically
outdated, because since the establishment of the Company no major
investments have been made, and for that reason the costs for mining
activities have been constantly growing. The new mining machinery
provides an opportunity to increase the mining volumes and raise
the effectiveness of mine operation. Total loan amount, received in
September of the last year will be used in 2010. Since December 2009
the Company started payment of interests.
Taking into account the large-scale program goals, GeoProMining plans
completion of reconstruction process by the end of 2011.
Reconstruction shall be carried out without stopping of production
activities. Further replacement of equipments, which have already been
purchased and currently undergoing customs clearance shall continue.
For 6 monts of 2009 "ACMC" CJSC processed around 1.3 million ton ore,
which is more for 5% as compared to the 6 monts of 2008 results.
As anticipated, during this year mining and processing olumes will
increase up to 3-3,5 million ton.
GeoProMining Group obtained the shares of Agarak Copper Molybdenum
Combine in December of 2007. GeoPromining specializes in mining and
processing of metaliferous ores (copper, molybdenum, antimony) and
precious metals (gold, silver). The Group has a diversified production
structure and markets. Deposits and processing plants of the Group
are in Russia, Armenia, Georgia and Vietnam.
ArmInfo
2010-02-04 12:10:00
ArmInfo. GeoProMining Company is planning to invest in modernization
of ACMC CJSC additional resources. The volume of investments is not
specified yet and the final sum will become known after reconstruction
of the processing plant, which, according to plans will finish within
a two year period, GeoProMining Company press-service told ArmInfo.
Recently global prices for copper and molybdenum have started to
increase, which have increased the income of the company, as well as
its attractiveness for investments. Investments include also the RA
Government loan of 14 million USD, lent in 2009. Let's remind that
on June 26 the RA Government made a decision to grant a budget loan
to ACMC CJSC of 14 million USD, for 4 year period. The Government
loan was granted to ACMC for investment project, which include
procurement of machinery and reconstruction of the plant. Part of the
loan amounts was used for purchase of mining machinery, which have
already been delivered and set in operation. Specifically, 5 BelAz
mine dump-trucks of 55 ton carrying capacity. At the end of 2009 the
company obtained BelAz wheel-loaders, two TK wheel-tractors and one
tractor with bulldozer and ripper. Purchase of mining machinery and
reconstruction of the processing plant constitutes the component part
of the Company's anti- crisis program, directed on increase of mining
volumes and competetiveness of the Company's production.
Other part of the loan amount was used for purchasing of flotation
equipment ,,Metso Minerals,, , delivered at the beginning of 2010. The
machinery operated at ACMC for many years were morally and physically
outdated, because since the establishment of the Company no major
investments have been made, and for that reason the costs for mining
activities have been constantly growing. The new mining machinery
provides an opportunity to increase the mining volumes and raise
the effectiveness of mine operation. Total loan amount, received in
September of the last year will be used in 2010. Since December 2009
the Company started payment of interests.
Taking into account the large-scale program goals, GeoProMining plans
completion of reconstruction process by the end of 2011.
Reconstruction shall be carried out without stopping of production
activities. Further replacement of equipments, which have already been
purchased and currently undergoing customs clearance shall continue.
For 6 monts of 2009 "ACMC" CJSC processed around 1.3 million ton ore,
which is more for 5% as compared to the 6 monts of 2008 results.
As anticipated, during this year mining and processing olumes will
increase up to 3-3,5 million ton.
GeoProMining Group obtained the shares of Agarak Copper Molybdenum
Combine in December of 2007. GeoPromining specializes in mining and
processing of metaliferous ores (copper, molybdenum, antimony) and
precious metals (gold, silver). The Group has a diversified production
structure and markets. Deposits and processing plants of the Group
are in Russia, Armenia, Georgia and Vietnam.