ZANGEZOUR COPPER-MOLYBDENUM FACTORY CONTINUES THE IMPLEMENTATION OF PROJECT DIRECTED TOWARDS THE DEVELOPMENT

ARMENPRESS
July 30, 2009

YEREVAN, JULY 30, ARMENPRESS: The Zangezour copper-molybdenum factory
continues its uninterrupted activity as well as the projects directed
towards the development preserving the positions of the leader no
matter the world financial economic crisis.

An official from the factory told Armenpress that all these became
possible thanks to the business and investment policy, financial
support of the shareholders as well as the realization policy of the
German "Chronimet" mother concern in the world market.

All the works of the factory are today entirely preserved and the
salaries paid on time. The continuative assistance of the Armenian
Government also greatly contributed to the sustainable development
of the factory, supported the implementation of social projects and
preservation of the job places.

Already reached successes, increase of the productivity as a result of
technical rearmament as well as the increase of the prices for metal
in the world market created an opportunity to design and implement
the further investments.

Particularly the construction of the biggest grind of the mine stone in
the region due to which the volumes of the re-procession of the factory
will reach 14 million tons annually is intended to be finished in 2010.

These projects will enable the company to fortify its leading stance
in the world market.

In 2004 the factory shareholders approved the investment project of
more than $200 million towards the modernization of the factory,
increase of the productivity, and enhancement of the volumes of
re-procession of the minerals up to 12.5 million tons annually.

The investment project has been successfully implemented and finished
in October 2008.