Interfax
March 31 2004

Deno invests $3 mln in Armenian mine

Yerevan. (Interfax) – Deno of Switzerland invested $3 million in the
first stage of an investment program for the Kapan Ore- Dressing
Plant or GOK in Armenia.

The money was spent on acquiring materials and on repairs, the
plantTs general director, Martun Akopyan, told Interfax.

The second stage of the program will need about $7.5 million and is
to take two years, during which a processing factory will be built.

After privatization, Kapan GOK tripled ore production and processing
to 30,000 tonnes a month.

Kapan GOK produced 300,000 tonnes of ore in 2003, and plans to
produce 450,000 tonnes in 2004. It exports concentrates to processing
companies in China and Belgium. Output totaled $4.5 million in 2003
and is planned at $12 million in 2004.