GEOPROMINING ACQUIRING NEW PIT EQUIPMENT FOR AGARAK COPPER AND MOLYBDENUM PLANT

ArmInfo
2009-10-20 17:44:00

ArmInfo. GeoProMining Group has launched another stage of the
anti-crisis program as part of the commitments to the Government of
Armenia, GeoProMining told ArmInfo. The source reported that 5 mine
trucks BelAz with bearing capacity of 55 tons have been delivered to
Armenia for exploitation at Agarak copper and molybdenum plant CJSC
(subsidiary of GeoProMining). Delivery of other necessary equipment
BelAz is expected within the coming months. Acquisition of pit
equipment is part of the anti-crisis program of the plant aimed
to improve recovery and increase competitiveness of the plant’s
production.

The visiting session of the Government in Syunik region on June 26
approved a $14 million credit to CJSC Agarak copper and molybdenum
plant. The half-yearly interest rate is Libot+8 and maturity is 4
years. The plant produces 2.5 thousand tons of cooper concentrate
with 26% content of cooper and 40 tons of molybdenum with 51% of
molybdenum content yearly.