IN JAN-JUNE 2009 PROFIT OF PURE IRON TOTALLED $1.6MLN
ArmInfo
2009-07-23 16:01:00
ArmInfo. In Jan-June 2009 the pre-tax profit of Pure Iron plant
totalled 600mln AMD or $1.6mln, says the director of the company
Genik Karapetyan.
In July 2009 the company exported 400 tons of pure molybdenum and 240
tons of ferro-molybdenum against 400 tons and 160 tons in June. The
production of molybdenum is growing due to rising world prices. The
company has no financial problems and pays its employees wages and
bonuses on a regular basis. Pure Iron employs 530 people. The reports
that the plant is standing idle and its employees have been sent on
forced leave are not true. Simply, part of the workers are on holiday.
The production of Pure Iron is exported to Europe by Cronimet Mining
(Germany), who owns a 51% stake in the company. The remaining shares
belong to individuals – residents of Armenia. The plant was established
in the 1970s. In 1994 it started processing molybdenum concentrate.