In May 2009 Zangezur Copper-Molybdenum Combine will repay the $10mln
credit of the Armenian Government

2009-03-08 13:26:00

ArmInfo. Within three months, in May 2009, Zangezur Copper-Molybdenum
Combine will repay the $10mln credit of the Armenian Government,
Minister of Energy and Natural Resources of
Armenia Armen Movsissyan said during a press-conference on Friday.

The credit has been provided at Libor+6% and is supposed to help ZCMC
to complete its investment program. The company has purchased necessary
equipment (250 tons) for its technical modernization.
Movsissyan said that despite the global financial crisis ZCMC continued
to work stably, was not planning to reduce its staff and had even made
investments.

The decision to lend ZCMC $10mln was adopted Feb 19 2009. In 2009 the
company is planning to process 12.8mln tons of ore ` 6.6% more than in
2008. ZCMC was privatized Dec 14 2004 for $132mln. 60% of its shares
are owned by Croniment Mining (Germany), 15% by Pure Iron Plant OJSC,
12.5% by Armenian Molybdenum Production CJSC (AMP) and 12.5% by
Zangezur Mining LLC.

From: Emil Lazarian | Ararat NewsPress