SOUTH CAUCASUS RAILWAY COMPANY PLEDGES TO INVEST 530 MILLION RUBLES IN UPGRADING ARARAT- SOTK RAILROAD
ARKA
March 11, 2010
YEREVAN, March 11, /ARKA /. The South Caucasus Railway company has
pledged today to invest 530 million Russian rubles in upgrading a
railroad from the town of Ararat in the same name province to Sotk
gold mines in Gegharkunik province. Speaking at the inauguration
of electrical centralization module at Daralik railway station in
Ararat Shevket Shaidulin, the company’s s CEO, said the investment
will be made within the next three years to modernize all stations
on the railroad.
Shaidulin said the modernized Daralik station will enable to increase
the capacity of the road in the direction of Sotk gold mines in line
with an agreement signed with GeoProMining company.
Roman Khudoliy, GeoProMining president, praised the South Caucasus
Railway company for its efforts to upgrade the system. He explained
that under an agreement with the South Caucasus Railway Óompany
GeoProMining is to double production volumes and consequently the
volume of ore transported from Sotk to Ararat gold extraction plant
by railway.
GeoProMining is a privately owned company specialized in mining and
processing of metalliferous ores (copper, molybdenum, antimony)
and precious metals (gold, silver). The Group has a diversified
production structure and markets. Deposits and processing plants
of the Group are in Russia, Armenia, Georgia and Vietnam. Its major
assets in Armenia are GPM GOLD and Agarak coper-molybdenum combine.
The South Caucasus Railways is run by Russian Railways. The
concessional agreement was concluded in 2008 for 30 years, with a
right of extension for another 20 years after the first 20 years of
operation.