RAK FIRM ACQUIRES ARMENIAN COMPANY
Gulf News, United Arab Emirates
April 10, 2008 Thursday
Dubai: RAK Minerals and Metals Investments (RMMI) yesterday said it
has acquired Armenian mining firm TSCCArmenia.
The 100 per cent acquisition covers three mining complexes spread
across two regions, North and South Armenia, andincludes copper and
other polymetallic minerals.
RMMI has earmarked $200 million over the next two years to fund the
acquisition and set up a concentrate plant in thecountry.
Dr. Khater Massad, chief executive of RAK Investment Authority (Rakia)
and chairman of RMMI, said: "Armenia isrich in natural resources and
well located between the markets of Asia and Europe.
RMMI’s investment is the firstof many opportunities for Rakia and
Ras Al Khaimah, and we hope to extend this to include real estate,
construction and similar ventures that support economic growth."
Details
As part of the deal, TSCC’s mines in Armenia will now be operated
under RMMI. These include two complexes inNorth Armenia in Karnut
(135 square km) and Prevolnoye (37 square km), and in South Armenia
in Larneshan (167 squarekm.).
All three semi-brownfield complexes are in close proximity to existing
plants, and in geological analogy tooperational mines in the area. The
base metal profile is largely copper, with other polymetals associated
with copperdeposits including lead, zinc, molybdenum.
Within the complexes, some deposits have also been identified as
auriferous. In the next two years, RMMI plans tobuild a concentrate
plant in South Armenia’s Larneshan region to process both copper and
polymetallic ores intoconcentrates.