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ACMC SUMMARIZES THE INTERIM RESULTS OF ANTI-CRISIS IMPLEMENTATION PROGRAM
ArmInfo
2010-07-20 12:29:00
ArmInfo. Agarac Copper-Molybdenum Combine summarized the interim
results of implementation of anti-crisis investment programs under
the Government of Armenia's stabilization loan of $ 14 million
Let's recall that, in connection with last year's severe crises in
the mining sphere of Armenia, which suffered from a sharp decline
in raw material prices in the international market, the Government
of Armenia in June 2009, in order to stimulate the development of
the mining industry has taken the decision (according to Government
Decision Ñ~L 719-A) for providing a budget loan to 3 largest mining
companies "Zangezur Mining", "Armenian Molybdenum Production" and
"Agarak Copper-Molybdenum Combine".
ACMC was granted a loan of $ 14 million with a payment term of 4 years
at a rate of LIBOR +8%, under a program aimed at reducing costs and
improving competitiveness of production.
According to the press service of GeoProMining in Armenia, which owns
ACMC, the program involves a systematic approach, including capital
investments to modernize production and improve the skills of middle
management staff, as well as changes in organizational structure.
The investment project includes modernization of the deposit and the
reconstruction of the plant.
Since autumn 2009 five BelAZ dump trucks of 55 ton capacity were
brought into Armenia, which were put into operation at the open pit.
Were obtained also wheel loader BelAZ, two wheeled tractors TK and
one tractor with bulldozer and loosening equipments. The plant also
acquired excavator Caterpiller 345 CL, which is in the process of
arrival. Purchase of mining equipment is part of the anti-recessionary
program, aimed at increasing production and promoting efficient
operation of the mine.
Under the program, informed the press service, in November 2009, the
company acquired a new flotation equipment of European manufacturer
Metso Minerals, which meets all the necessary technical requirements.
Flotation park will be installed in the new-built complex, which will
add additional capacity to ensure increased productivity.
In August 2009, the Group GeoProMining commissioned the
international company "Mekhanobr" to prepare a feasibility study
(FS) of the reconstruction of the plant. The project itself on the
reconstruction will be ready in December 2010. The project is an
integrated approach to designing new and upgrading existing plant,
including the development of efficient technologies, modern design
solutions and use in projects of technological equipment with high
technical and economic indicators.
The designer offered his know-how, implementation of which will reduce
production costs and increase the yield of the concentrate. As a
result, increase of production: increase of the concentrate by 2-3%
and at least 10% planned to reduce production costs.
In turn, the Institute 'Mechanobr' signed a contract with a mining
and metallurgical Institute of Armenia for joint cooperation in the
project. Along with that, in June 2010 ACMC started a program for
the exploration, which will result in grow of ore reserves at the
deposit to 160 million tons.
During the first half of 2010 the company fulfilled the program of
stripping in the record volumes for the last 20 years. It is planned
to implement the stripping work at 2.2 million cubic meters, which
will increase the effectiveness of mine operation.
The company began repairing and construction work as the facade and
internal nature. For the 6 months of 2010 JSC "Agarak Copper-Molybdenum
Combine (ACMC), compared with the volumes of production for the second
half of 2009 increased the production of copper concentrate at 12.29%
and molybdenum concentrate at 2.4%.
Production volumes totaled 15 159 tons of copper and 254 tons of
molybdenum concentrate.
Currently, the company continues to the stages of investment program
processes. Since December 2009 the company started to make payments
on the loan. Total loan amount will be used in 2010. Reconstruction
project suggests additional investment.
Recall that a group of companies GeoProMining acquired the shares
of Agarak Copper- molybdenum Combine" in December 2007. GeoProMining
specializes in extraction, enrichment of polymetallic ores (copper,
olybdenum, antimony) and precious metals (gold, silver). Deposits and
ore-processing plants of the company are located in Armenia, Georgia,
Russia and Vietnam.
From: A. Papazian
ArmInfo
2010-07-20 12:29:00
ArmInfo. Agarac Copper-Molybdenum Combine summarized the interim
results of implementation of anti-crisis investment programs under
the Government of Armenia's stabilization loan of $ 14 million
Let's recall that, in connection with last year's severe crises in
the mining sphere of Armenia, which suffered from a sharp decline
in raw material prices in the international market, the Government
of Armenia in June 2009, in order to stimulate the development of
the mining industry has taken the decision (according to Government
Decision Ñ~L 719-A) for providing a budget loan to 3 largest mining
companies "Zangezur Mining", "Armenian Molybdenum Production" and
"Agarak Copper-Molybdenum Combine".
ACMC was granted a loan of $ 14 million with a payment term of 4 years
at a rate of LIBOR +8%, under a program aimed at reducing costs and
improving competitiveness of production.
According to the press service of GeoProMining in Armenia, which owns
ACMC, the program involves a systematic approach, including capital
investments to modernize production and improve the skills of middle
management staff, as well as changes in organizational structure.
The investment project includes modernization of the deposit and the
reconstruction of the plant.
Since autumn 2009 five BelAZ dump trucks of 55 ton capacity were
brought into Armenia, which were put into operation at the open pit.
Were obtained also wheel loader BelAZ, two wheeled tractors TK and
one tractor with bulldozer and loosening equipments. The plant also
acquired excavator Caterpiller 345 CL, which is in the process of
arrival. Purchase of mining equipment is part of the anti-recessionary
program, aimed at increasing production and promoting efficient
operation of the mine.
Under the program, informed the press service, in November 2009, the
company acquired a new flotation equipment of European manufacturer
Metso Minerals, which meets all the necessary technical requirements.
Flotation park will be installed in the new-built complex, which will
add additional capacity to ensure increased productivity.
In August 2009, the Group GeoProMining commissioned the
international company "Mekhanobr" to prepare a feasibility study
(FS) of the reconstruction of the plant. The project itself on the
reconstruction will be ready in December 2010. The project is an
integrated approach to designing new and upgrading existing plant,
including the development of efficient technologies, modern design
solutions and use in projects of technological equipment with high
technical and economic indicators.
The designer offered his know-how, implementation of which will reduce
production costs and increase the yield of the concentrate. As a
result, increase of production: increase of the concentrate by 2-3%
and at least 10% planned to reduce production costs.
In turn, the Institute 'Mechanobr' signed a contract with a mining
and metallurgical Institute of Armenia for joint cooperation in the
project. Along with that, in June 2010 ACMC started a program for
the exploration, which will result in grow of ore reserves at the
deposit to 160 million tons.
During the first half of 2010 the company fulfilled the program of
stripping in the record volumes for the last 20 years. It is planned
to implement the stripping work at 2.2 million cubic meters, which
will increase the effectiveness of mine operation.
The company began repairing and construction work as the facade and
internal nature. For the 6 months of 2010 JSC "Agarak Copper-Molybdenum
Combine (ACMC), compared with the volumes of production for the second
half of 2009 increased the production of copper concentrate at 12.29%
and molybdenum concentrate at 2.4%.
Production volumes totaled 15 159 tons of copper and 254 tons of
molybdenum concentrate.
Currently, the company continues to the stages of investment program
processes. Since December 2009 the company started to make payments
on the loan. Total loan amount will be used in 2010. Reconstruction
project suggests additional investment.
Recall that a group of companies GeoProMining acquired the shares
of Agarak Copper- molybdenum Combine" in December 2007. GeoProMining
specializes in extraction, enrichment of polymetallic ores (copper,
olybdenum, antimony) and precious metals (gold, silver). Deposits and
ore-processing plants of the company are located in Armenia, Georgia,
Russia and Vietnam.
From: A. Papazian