Armenia reports higher mining industry output

Reuters
05/16/05 13:45 ET

YEREVAN, May 16 (Reuters) – Armenian mining industry output rose by
17.9 percent in the first four months of 2005 over the same 2004
period, a Trade and Economic Development Ministry official said
on Monday.

Artur Ashugyan, head of the Mining Industry Department at the ministry,
told Reuters that Zangezur copper and molybdenum plant increased its
output in the period by one percent, to volumes worth 30.3 billion
drams.

Zangezur, which operates the huge Kadzharan copper and molybdenum
mine, was sold last year to German company Cronimet. Other owners
of the plant are Pure Iron Plant, Armenian molybdenum production and
Zangezur Mining.

The new owners plan to double output to between 12 and 16 million
tonnes of ore per year by 2008.

Ashugyan said another ore enrichment plant, Akhtala, increased its
annual output of copper concentrate in January-April 2005 by seven
percent.

He added that Agarak, which operated the mine bearing the same name,
reduced its output by 12.5 percent, to volumes worth 3.3 billion drams.

Agarak is owned by U.S. firm Comsup Commodities which bought it for
$600,000 last April.

The biggest buyers of copper concentrate in Armenia are Swiss Glencore
and the country’s sole copper smelting firm Armenian Copper Programme
(ACP), formerly Manes and Vallex.

($1 = 455 drams)