Tweet
GPM GOLD COMPANY PLANS TO RELEASE OVER $380,000 THIS YEAR TO FINANCE SOCIAL PROGRAMS
/ARKA/
March 4, 2011
YEREVAN
YEREVAN, March 4, /ARKA/. GPM GOLD company plans to release over
$380,000 this year to finance a variety of social-oriented programs,
the company's Director General Vladimir Kozlov told ARKA news agency
in an interview.
He said part of the funding will be provided for continuation of
the construction of Culture House in Vardenis, launched in 2010. A
relevant agreement was signed on September 9, 2010 by the Governor
of Gegharkunik province, Russian GеоProMining group of companies
and World Bank Social Investments Fund.
'We made the first disbursement in the amount of $28,000 last year
which was used to develop a complete renovation plan. GеоProMining's
funding is $300,000 and the amount will be made available this year,'
Mr. Kozlov said, adding that the reconstruction will take two more
years.
He said the company's budget has earmarked also financing for several
other social projects that were developed in concert with Russian
Embassy in Armenia and in cooperation with local self-government
bodies in Ararat and Vardenis towns.
Mr. Kozlov spoke also about the company's social responsibilities,
saying it began concluding social security contracts with its employees
for 2011. He explained that the social package includes work, health
insurances well as medical service and examinations in accordance
with the Republic of Armenia legislation.
'In addition to it we are negotiating with Ameriabank a privileged
crediting for our employees as an addition to wage project,' he said.
In this connection Mr. Kozlov noted that last year the company
introduced a bonus system to encourage its employees at Sork mine
and Ararat gold recovery plant with no bonus limitations.
He explained that if 80% of the monthly plan is fulfilled, employee
bonuses are awarded at the rate of 2% for each 1% of the plan.
'If the plan is fulfilled 100% the worker gets a 120% bonus. Besides,
the company will pay an additional 10% bonus for each over-fulfilled
percent,' he said.
The Director General said also that the median wage in the sector
rose by 21% over the last six months of 2010 to 165,000 drams from
previous 136,000 drams.
GPM GOLD is operating Sotk gold mine and Ararat gold recovery plant .
It is part of Russian GeoProMining group of companies. GeoProMining
acquired 100% of Sterlite Gold Ltd from international Vedanta Resources
in 2007 September. Sterlite Gold Ltd was the only owner of AGRC that
was later renamed GPM GOLD.
From: A. Papazian
/ARKA/
March 4, 2011
YEREVAN
YEREVAN, March 4, /ARKA/. GPM GOLD company plans to release over
$380,000 this year to finance a variety of social-oriented programs,
the company's Director General Vladimir Kozlov told ARKA news agency
in an interview.
He said part of the funding will be provided for continuation of
the construction of Culture House in Vardenis, launched in 2010. A
relevant agreement was signed on September 9, 2010 by the Governor
of Gegharkunik province, Russian GеоProMining group of companies
and World Bank Social Investments Fund.
'We made the first disbursement in the amount of $28,000 last year
which was used to develop a complete renovation plan. GеоProMining's
funding is $300,000 and the amount will be made available this year,'
Mr. Kozlov said, adding that the reconstruction will take two more
years.
He said the company's budget has earmarked also financing for several
other social projects that were developed in concert with Russian
Embassy in Armenia and in cooperation with local self-government
bodies in Ararat and Vardenis towns.
Mr. Kozlov spoke also about the company's social responsibilities,
saying it began concluding social security contracts with its employees
for 2011. He explained that the social package includes work, health
insurances well as medical service and examinations in accordance
with the Republic of Armenia legislation.
'In addition to it we are negotiating with Ameriabank a privileged
crediting for our employees as an addition to wage project,' he said.
In this connection Mr. Kozlov noted that last year the company
introduced a bonus system to encourage its employees at Sork mine
and Ararat gold recovery plant with no bonus limitations.
He explained that if 80% of the monthly plan is fulfilled, employee
bonuses are awarded at the rate of 2% for each 1% of the plan.
'If the plan is fulfilled 100% the worker gets a 120% bonus. Besides,
the company will pay an additional 10% bonus for each over-fulfilled
percent,' he said.
The Director General said also that the median wage in the sector
rose by 21% over the last six months of 2010 to 165,000 drams from
previous 136,000 drams.
GPM GOLD is operating Sotk gold mine and Ararat gold recovery plant .
It is part of Russian GeoProMining group of companies. GeoProMining
acquired 100% of Sterlite Gold Ltd from international Vedanta Resources
in 2007 September. Sterlite Gold Ltd was the only owner of AGRC that
was later renamed GPM GOLD.
From: A. Papazian