ARMENIAN PLANT REDUCES FERROMOLYBDENUM OUTPUT 12.3% IN 2006

Interfax News Agency
Russia & CIS Business and Financial Newswire
January 16, 2007 Tuesday 4:20 PM MSK

Armenia’s Pure Iron works reduced ferromolybdenum production 12.3%
to 2,580.5 tonnes in 2006 due to a drop in world prices for the alloy,
Genrik Karapetian, the company’s director, told Interfax.

The plant boosted production of pure molybdenum, which was in greater
demand, by 80% to 486.7 tonnes, Karapetian said.

The plant also produced 42 tonnes of ferrotungsten in 2006, up from
8 tonnes in 2005.

Germany’s Cronimet Mining, which owns 51% of Pure Iron, markets the
plant’s products in Europe.

Armenian businessmen own the other 49% of Pure Iron.