JOINT ARMENIAN-GERMAN COMPANY ELBAT TO PRODUCE ACCUMULATORS

ARKA
Sep 3, 2009

YEREVAN, September 3, /ARKA/. A joint Armenian-German venture Elbat
will start production of accumulators (storage batteries) from next
year, Thomas Hail, director of German Cronimet Mining company told
yesterday during a meeting with Armenian minister of economy Nerses
Yeritsian.

According to a statement posted on the official website of the Armenian
ministry, production of storage batteries will be implemented as
part of a project that has been implemented by Cronimet Mining and
Armenian company Elektron since 2007.

Thomas Hail was quoted in the statement as saying that the accumulators
will be high quality and competitive products. According to him,
after getting certification they will be sold to Russia, Ukraine,
Georgia, Turkey and European countries.

The statement said that both men discussed also a set of issues
pertaining to expansion of German investments in Armenia, exchange
of information and experience and joint development of innovative
projects. In 2004 Cronimet acquired 60% of Armenia’s biggest copper
and molybdenum plant in Zangezur. Cronimet holds also 51% in Yerevan
Pure Iron Plant.