ArmenPress
Dec 16 2004

AGARAK PLANT TO PRODUCE 7 TONS OF MOLYBDENUM AND 6,000 TONS OF COPPER
CONCENTRATE IN 2005

AGARAK, DECEMBER 16, ARMENPRESS: The copper and molybdenum plant
in the southern Armenian Agarak, near the border with Iran, plans to
produce next year 7 tons of molybdenum and 6,000 tons of copper
concentrate.
The plan’s 100 percent shares were privatized last April by a
US-based Comsup Industries Ltd, which says it has already invested in
its modernization around $3 million out of $3.5 million it pledged
when taking it over.
According to plant’s chief manager Mayis Khachatrian, the money
was used to purchase new equipment and modernize its facilities.
Privatization of Agarak plant was followed by a 20 percent rise of
workers’ wages, which makes now about $150 a month. The plant’s
management has also donated 21 million drams to Agarak and 6 million
to the nearby Meghri to help their municipalities to solve part of
their most pressing problems.