ARMENIAN MINING SECTOR BOOSTS OUTPUT 6.5% IN 2007

Interfax News Agency
Russia & CIS
February 27, 2008
Russia

Armenia’s mining companies increased production by 6.5% to 228.2
billion dram in 2007, an official at the Trade and Economic Development
Ministry said.

Almost all output was exported, the ministry’s head of natural
resources and mining, Artur Ashugian said.

He said the more successful companies included the Zangezur Copper &
Molybdenum Plant, with output of 82 billion dram; Armenian Molybdenum
Production with 38 billion dram; and Pure Iron Works with 45.7
billion dram.

Ashugian also said that the future for Armenia’s mining and metals
sector lies in more intensive processing of metal concentrate.

Molybdenum concentrate is shipped to Armenia for processing from
Russia, the United States and other countries. Armenia produces and
exports ferromolybdenum.

The official exchange rate for February 25 was 307.54 dram/$1.