AGARAK COPPER-MOLYBDENUM COMBINE TO RESUME PRODUCTION

/PanARMENIAN.Net/
19.06.2009 14:50 GMT+04:00

/PanARMENIAN.Net/ Starting from July Agarak Copper-Molybdenum Combine
will resume its production activities. Its operation was temporarily
stopped in February of 2009, GeoProMining company’s press office
reported.

Since the crisis burst out, the shareholders have invested in the
Combine more than USD 15 million, which was spent on covering the
losses and social payments.

GeoProMining Company is performing all the obligations undertaken to
the government and the staff. The Combine is employing 900 people.

>From the moment of the stoppage of the Combine 500 employees
continue to receive their full salaries, 400 people are on paid
leave and receive two thirds of their salary. GeoProMining presented
the employees the possibility of making use of their accumulated
holidays. Monthly salary fund of the Combine is forming USD 500 000,
main part of which is formed at the production sector. Presently some
renovation works are being carried out at the combine, and also for
optimization of the management structure.

GeoProMining Group is specialized 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 Company’s mines and processing plants of are located
in Armenia, Georgia, Russia.

From: Emil Lazarian | Ararat NewsPress