GEOPROMINING BACK IN OPERATION; 900 WORKERS EMPLOYED

2009/08/10 | 14:50

M arzes Economy

GeoProMining’s press office states that on June 30 Agarak
Copper-Molybdenum Combine resumed operation. Presently the Combine
employs 900 employees. The company is now paying employee wages on
a regular monthly basis.

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 activities, being paid their full wages, 400
people were forced to take paid leave, receiving 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 and Russia.