ARMENIAN PRIME MINISTER: THE LARGEST ORE MINING COMPANIES OF ARMENIA WILL CARRY OUT NO CUTS UNTIL SUMMER 2009

ArmInfo
2009-04-14 14:52:00

ArmInfo. The largest ore mining companies of Armenia will carry out
no cuts until summer 2009, Armenian Prime Minister Tigran Sargsyan
said during a press-conference dedicated to the social consequences
of the global financial and economic crisis in Armenia. The prime
minister said that such a decision was taken during the meetings with
representatives of the largest enterprises of the ore mining industry.

"The ore mining field has become one of the most vulnerable spheres
over the period of the crisis. Earlier the high prices of color metals
allowed the heads of the companies not to carry out cuts and even
pay up to two-thirds of salary to the employees during the downtown
period", Sargsyan said. To recall, the emergency center under the
Armenian Government provided the Zangezur copper-molybdenum complex
with a loan worth $10 mln at Libor + 6%, which ensured not only the
development of the complex itself, but operation of about 200 satellite
enterprises. "Zangezur complex is one of the strategic enterprises of
our country. Such enterprises need priority support of the emergency
center",- he said.

From: Emil Lazarian | Ararat NewsPress