CONSTRUCTION OF THE FACTORY OF PRODUCTION OF PURE COPPER IN KAJARAN WILL POSSIBLY FINISH IN 2010

ARMENPRESS
Oct 7, 2009

YEREVAN, OCTOBER 7, ARMENPRESS: A project of construction of a factory
of production of purified, clean copper in Kajaran is being implemented
by the "Chronomet" company which is the main shareholder of "Zangezour
Copper Molybdenum Factory". Here copper wires will also be produced.

Head of the industry department of the Armenian Economy Ministry
Hayk Mirzoian told Armenpress that establishment and exploitation of
the factory will give an opportunity to restore the production of
wires in Armenia. The volumes of the investments necessary for the
implementation of the project reach nearly 100 million Euros. The
Company intends to get a part of the sum as credit from the European
Bank of Reconstruction and Development.

According to H. Mirzoian the production of copper wires must be
organized in new, yet untested technologies during the conduction of
which all the possible risks are taken into account. Construction
of the factory will be finished in 2010. From 2011 pure copper and
copper wires will be produced in Armenia. With it Armenia will also
start to export a ready made product, meanwhile by now only copper
row material is exported.

"The foreign investors are also interested in the deepening of the
procession phase of the mine resources of Armenia," Hayk Mirzoian said.

"Chronimet" is also conducting works towards organization of production
of electric batteries in the Yerevan "Electron" factory which will be
the only one in the republic in its types of production and standards.