AGARAK COPPER AND MOLYBDENUM COMBINE RESUMED OPERATION ACTIVITY

ArmInfo
2009-08-10 13:04:00

ArmInfo. On June 30 Agarak Copper-Molybdenum Combine resumed operation
activities. Presently the Combine employs 900 employees. GeoProMining
Company monthly payment of wages is regulated. Presently an anti-crisis
program is underway, which aims at reduction of prime cost and increase
of competitive capacity of production.

The program suggests a systematized approach, including capital
investments with the goal to modernize production and raise
qualification of employees, as well as make changes in organizational
structure.

It is important to mention that in relation to economic crisis,
operation of the Combine was temporarily stopped. From the moment
of its stoppage, in February of 2009, 500 employees continued
repair-reconstruction activity, being paid their full wages, 400
people were on involuntary idleness leave, and received two thirds
of the amount of their wages.

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 mines and processing plants of the Company are located
in Armenia, Georgia, Russia.