Metal Mining Enterprises To Become Buffer For Crisis Prevention

METAL MINING ENTERPRISES TO BECOME BUFFER FOR CRISIS PREVENTION

ARKA
Dec 16, 2008

YEREVAN, December 16. /ARKA/. Owners of Armenia’s metal mining
enterprises can become a financial buffer to weather the crisis,
RA Prime Minister Tigran Sargsyan said told the Golos Armenii (Voice
of Armenia).

When the owners of the mining enterprises started business, prices
were higher than they had expected, the premier said, pointing out
excess profits the companies earned in the past three years. "Our
National Statistical Service can prove my words," Sargsyan said.

"With 2,100 companies surveyed, it turned out that mining enterprises
top the chart of excess-profit enterprises." According to the prime
minister, the government is negotiating with the owners of local
mining enterprises on their liabilities to employees.

Sargsyan urged the tax services to return the value added tax to mining
enterprises, so that they can withstand the financial crisis. The
premier said the government stands ready to discuss existing problems
with local enterprises.

RA Minister of Energy and Natural Resources Armen Movsisyan, RA
Minister of Economy Nerses Yeritsyan and RA Minister of Labor Arsen
Hambardzumyan last month visited Kajaran and Agarak copper-molybdenum
plants, as well as the Kapan-based ore-dressing enterprise to find
solutions to the problems in the sector. During their visit, the
ministers agreed on avoiding staff reduction and organize another
0D discussion in three months in view of the turmoil in the global
metals market and the tough social situation.