ARMENIAN COPPER PROGRAM WANTS HUGE PROFITS

A1+
[07:57 pm] 13 November, 2008

"International organizations in Armenia are not after profit, rather
huge profits", told "A1+" today economist Tatul Manaseryan. According
to Manaseryan, even the international crisis does not stop those
organizations from getting their profit.

"If we follow-up on the trends of world copper prices when 1 ton of
copper ranged from 4,500-4,600 dollars, in the contract of the ACP,
proceeds started from 3,000 dollars. Just a week ago when a ton of
copper cost 8,000 dollars, they received huge sums of money. Today,
ACP doesn’t want to overload, but wants huge profits. ACP has announced
that the international financial crisis is due to the reduction of
mine resources, world prices for useful metal fossils and the programs
of the ACP will depend on the international copper prices."

In contrast to Manaseryan, head of ACP Gagik Arzumanyan declared
today that it will be impossible to carry out any activities in the
Alaverdi pit even if one ton of copper costs 8,500 dollars.

"Metallurgical production has never really been profitable and we
have always said that starting from 2009, perspectives for copper
production are very uncertain," said Arzumanyan referring to the
fixed payments for export, rise in natural gas prices, etc.

As a result, 700 ACP workers are on the verge of unemployment and
they found out about that on November 1 with the notice for prolonging
their work contracts for 21 days and firing them on November 22.

"There will not be any change in international copper prices before
November 22. People will be fired and they will know beforehand,"
said Arzumanyan. Economist Tatul Manaseryan is more concerned about
the damages caused to Armenia’s economy because of ACP.

"It has been estimated that Armenia must receive nearly 50 million
dollars worth of tax incomes every year. The damages of ACP make up
nearly 130 million dollars. It is underestimated due to the fact that
they are cutting down forests and value trees 2-3 times cheaper than
they really are. Imagine, three rivers disappear and they estimate
175,000 drams for the price of each river. I am willing to pay the
money out of my pocket for them to donate rivers to Armenia. They
haven’t even estimated the price for drinking water."

In the case of estimating 175,000 drams for the elimination of the
rivers and 3 drams for one square meter of land, Mr. Manaseryan
believes that it is immoral to expect huge profits. Taking advantage
of the occasion, "A1+" asked Manaseryan to express his views on
the actions perpetrated by the authorities against "Bjni" Mineral
Water Company.

"If "Bjni" really had issues, the corresponding bodies had to present
them more transparently and not take drastic measures. They say
that the company damages the environment, they talk about the meters
installed by the Environmental Protection Ministry and that "Bjni"
has nothing to do with it. They talk about taxes, but they can do
the same to other companies."