Interfax
March 17 2004

ACP net profit up 170% in 2003

Yerevan. (Interfax) – Net profit at the metallurgy company Armenian
Copper Program in 2003 amounted to 762.7 million dram, up 170% from
283.6 million dram in 2002, a source in the company told Interfax.

Sales revenue last year amounted to 7.25 billion dram, up from 6.04
billion dram in 2002, the source said.

Production of blister copper at the company fell from 8,500 tonnes in
2002 to 6,270 tonnes last year.

ZAO ACP was set up in 1997 based on the Alaverdi Mining and
Metallurgical Combine, which was liquidated in 1989. ACP charter
capital amounts to 3.1 billion dram. Liechtenstein registered Vallex
FM Establishment owns 53.7% of the company’s shares and Switzerland’s
Elecom – 46.3%.

The official exchange rate on March 16 was 562.3 dram to the dollar.