INVESTMENTS OF 150-200 MLN USD TO BE MADE IN ZANGEZUR COPPER AND
MOLYBDENYM COMPLEX BY 2008
YEREVAN, JUNE 23, NOYAN TAPAN. It is planned to make investments of
150-200 mln USD in the Zangezur Copper and Molybdenum Complex by
2008. According to the head of the Mining Industry Department of the
RA Ministry of Trade and Economic Development Artur Ashughian, “this
term is likely to be changed.” It was indicated that the efficient use
of the investments will enable to increase the production 1.5-2
fold. The complex was privatized in December, 2004, for 132 mln
USD. 60% of its shares belongs to the Cronimet company (Germany), 15%
– to the Pure Iron Plant OJSC, while the Armenian Molybdenum
Production CJSC and the Zangezur Mining Ltd own 12.5% of the shares
each. It is noteworthy that by late 2005, the shareholders must pay
the value of the shares after the feasibility study and the
clarification of the investment program.