6% PRODUCTION GROWTH REGISTERED IN ARMENIAN MINING INDUSTRY THANKS TO INVESTMENTS AND HIGH PRICES ON INTERNATIONAL MARKET
Noyan Tapan
Mar 07 2006
YEREVAN, MARCH 7, NOYAN TAPAN. In January 2006, production of the
Armenian mining industry sector made 14.3 bln drams (about 31.8 mln
USD), sales – 13.8 bln drams, and exports – 7.3 bln drams. Artur
Ashughian, Head of the Nature Use Economics and Mining Industry
Department of the RA Ministry of Trade and Economic Development,
stated this at the March 7 press conference.
According to him, the mining industry companies employed 10,495 people
in January 2006 against 10,345 in December 2005, with the average
salaries making 90.4 thousand drams and 80 thousand drams respectively.
Production of 248.5 bln drams was manufactured in the mining industry
in 2005 against production of 218.7 bln drams in 2004. The production
growth made 6% in 2005 against 43% in the previous year. Sales made
245.1 bln drams and 171.4 bln drams respectively. Building material
production, mainly cement production (its growth made 25% in 2004),
accounted for 13 bln drams of the 2005 production.
The department head noted that the increase in the indices of the
mining industry sector was fostered by the investments and high prices
of copper and molybdenum on the international market. Although these
prices have dropped by 30-40% in the last three months, they are
still high compared with the period prior to 2005.
In addition, according to A. Ashughian, the investments made in the
sector in 2005 contributed to the fact almost all of the copper and
molybdenum ores are processed in Armenia. Molybdenum ore is also
imported from China and Chile.