GOVERNMENT OF ARMENIA TO ALLOCATE STATE CREDIT TO THE SUM OF $44 MLN TO THREE ARMENIAN MINING AND CONCENTRATING COMPANIES

ArmInfo
2009-06-26 15:03:00

ArmInfo. The government of Armenia will allocate a state credit to the
sum of $44 mln to three Armenian mining and concentrating companies,
such a decision was made on Friday during a visiting session of
the government to Syunik region, Finance Minister of Armenia Tigran
Davtyan told journalists in Syunik.

According to him, the funds will be allocated from the Russian
stabilization credit to the sum of $500 mln provided to Armenia. The
government will give $15 mln to ‘Zangezur Mining’ and Armenian
Molybdenum Production (AMP) companies each for 5 years at LIBOR+7%
rate per annum. The stage credit to $14 mln wll be extended by the
government to Agarak Copper-Molybdenum Complex for 4 years at LIBOR+8%
rate per annum. ‘The ore mining industry of Armenia plays an important
part in the country’s economy, and the state is ready to do its best to
support the basic enterprises of the industry to overcome the crisis’,
the minister said.

To note, ‘Zangezur Mining’ Company and AMP have 12,5% shares of
‘Zangezur Copper-Molybdenum Complex’ (ZCMC) each. Agarak CMC belongs
to GeoProMining Group of Companies.