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GeoProMining plans to increase gold production to 150,000 ounces a year
YEREVAN, September 10, /ARKA/. Group GeoProMining plans to increase
gold production six times to 150,000 ounces a year, its CEO Roman
Khudoliy told reporters during a visit to Sotk gold mines in
Gegharkunik province.
He said this year the company plans to produce about 25,000 ounces and
after introducing the Albion technology production will increase to
150,000 ounces.
He said the company will also release 180 million Drams to support the
renovation of culture palace in Vardenis. An agreement to that end was
signed by Roman Khudoliy and Gegharkunik governor Never Poghosian.
Vardenis is located near the mines. The total renovation cost is 300
million. Some 130 million Drams will be released by Social Investments
Fund and the remaining portion by the governor's office and Vardenis
municipality.
GeoProMining Company acquired 100% shares of Sterlite Gold Ltd. from
an international company Vedanta Resources in September 2007. Sterlite
Gold Ltd. was the sole owner of the company AGRC. Now AGRC is renamed
GPM GOLD. GPM GOLD operates Sotk gold deposit and Ararat Gold Recovery
Plant. According to Vladimir Kozlov, GPM Gold CEO, the technical
re-equipment of Ararat gold recovery plant will cost some $45
million.-0-
From: A. Papazian
YEREVAN, September 10, /ARKA/. Group GeoProMining plans to increase
gold production six times to 150,000 ounces a year, its CEO Roman
Khudoliy told reporters during a visit to Sotk gold mines in
Gegharkunik province.
He said this year the company plans to produce about 25,000 ounces and
after introducing the Albion technology production will increase to
150,000 ounces.
He said the company will also release 180 million Drams to support the
renovation of culture palace in Vardenis. An agreement to that end was
signed by Roman Khudoliy and Gegharkunik governor Never Poghosian.
Vardenis is located near the mines. The total renovation cost is 300
million. Some 130 million Drams will be released by Social Investments
Fund and the remaining portion by the governor's office and Vardenis
municipality.
GeoProMining Company acquired 100% shares of Sterlite Gold Ltd. from
an international company Vedanta Resources in September 2007. Sterlite
Gold Ltd. was the sole owner of the company AGRC. Now AGRC is renamed
GPM GOLD. GPM GOLD operates Sotk gold deposit and Ararat Gold Recovery
Plant. According to Vladimir Kozlov, GPM Gold CEO, the technical
re-equipment of Ararat gold recovery plant will cost some $45
million.-0-
From: A. Papazian