CRONIMET TO BUILD $60-$80-MLN COPPER PROCESSING PLANT IN ARMENIA

Interfax
Nov 5 2008
Russia

Germany’s Cronimet Mining plans to build a plant costing $60
million-$80 million in Armenia by 2015 to recover pure copper for
export from up to 30,000 tonnes of concentrate per year.

Cronimet, which owns 60% of Armenia’s Zangezur Copper and Molybdenum
Combine, plans to build the new processing plant close to the Kajaran
copper-molybdenum deposit, which the Zangezur combine develops,
Vardan Gevorkian, the mayor of Kajaran, told reporters.

Gevorkian said plans to build the plant, which would used the latest
closed-cycle technology to obtain pure copper, were discussed at a
meeting between Cronimet’s management and the Armenian president in
the middle of September. Cronimet chief Gunter Pilarsky said at the
meeting that $60 million-$80 million might be spent on the plant’s
construction.

Cronimet also owns 51% of OJSC Pure Iron in Armenia.