Interfax
Aug 9 2004

German, U.S. companies to buy Armenian molybdenum plant

Yerevan. (Interfax) – The German company Chronimet and Comsup
Commodities of the United States will each be acquiring 50% of the
stock in Zangezur Copper/Molybdenum Plant (ZMMK) in Armenia, the
country’s Trade and Economic Development Minister Karen Jshmartian
announced at a Friday press conference.

Chronimet’s investment program is aimed mainly at developing ore
processing, Comsup Commodities’ at developing the Kadzharan copper
and molybdenum mine, where ZMMK operates.

To ensure effective operations, the tender commission that selected
these companies decided to merge their offers and charge them with
preparing a joint project by September. Before 2004 ends, Jshmartian
said, the sale of 100% of the ZMMK stock will have been completed.

The Kadzharan copper and molybdenum mine has the largest reserves of
any in the former Soviet Union.