AGARAK COPPER AND MOLYBDENUM PLANT WILL RESUME FULL PRODUCTION IN EARLY JULY 2009

ArmInfo
2009-06-19 14:02:00

ArmInfo. Agarak copper and molybdenum plant (ACMP) will resume
full production in early Junly 2009, says the press release of the
GeoProMining Group, the owner of the plant, disseminated at the
request of ArmInfo.

The press release says the plant was suspended in February of
2009. From the beginning of the crisis (October 2008) the plant has
been incurring losses, which were covered by the investments by the
shareholders. Since the crisis began the shareholders have invested
in the plant over 15 million USD, which were spent to cover the losses
and make social payments.

GeoProMining Company is performing all the obligations undertaken
before the Government and the staff. The plant is employing 900 people.

>From the moment of suspension 500 employees have received their full
salaries, 400 people are on paid leave and receive two thirds of their
salary amount. GeoProMining presented the employees a possibility
of making use of their accumulated holidays. Monthly salary fund of
the plant is 500 000 USD, the major part of which is secured by the
production sector. Presently some renovation works are being carried
out at the plant, as well as certain optimization of the management
structure.

GeoProMining Group obtained the shares of Agarak Copper-Molybdenum
Plant for 78 million USD by receiving loan at VTB bank in December
of 2007.

GeoProMining Group is specializing in mining and ore-dressing of
complex ore (copper, molybdenum, antimon) and precious metals (gold,
silver).

GeoProMining Group has a diversified production structure and
markets. The mines and processing plants of the Company are located
in Armenia, Georgia, Russia.

From: Emil Lazarian | Ararat NewsPress