CREDIT GIVEN TO ZANGEZUR COPPER AND MOLYBDENUM ENTERPRISE TO BE USED TO ELIMINATE DAMAGE DONE TO ENTERPRISE BY GLOBAL CRISIS

Noyan Tapan
Feb 19, 2009

YEREVAN, FEBRUARY 19, NOYAN TAPAN. The 10 million dollar credit
provided to Zangezur Copper and Molybdenum Enterprise by Armenian
government will be used to eliminate the damage done to the enterprise
by the global crisis, the director of the enterprise Maxim Hakobian
said at the February 19 press conference.

According to him, the current jobs will be kept and 200 new jobs
will be created thanks to the credit. Although copper and molybdenum
prices have considerably fallen in the international market, it is
envisaged increasing molybdenum production by 75%, copper production
by 35%. The enterprise director said that the wages of employees will
not decline, on the contrary, they will rise. "The more they work,
the more they will receive," he noted.

In the words of M. Hakobian, the state should implement assistance
programs at copper and molybdenum enterprises of Kapan and Agarak
as well. "These enterprises have no right to stand idle, they will
benefit in case of implementing serious projects," he stated.

From: Emil Lazarian | Ararat NewsPress