UNDER A WORKING VISIT TO SYUNIK MARZ, RA PRIME MINISTER TIGRAN SARGSYAN CALLED AT THE AGARAK COPPER AND MOLYBDENUM PLANT
Saturd ay, 27 June 2009
Under a working visit to Syunik marz, RA Prime Minister Tigran Sargsyan
called at the Agarak copper and molybdenum plant. In Agarak, the Prime
Minister first met with the local population to get a first-hand view
of the exciting problems. Then a consultative meeting was held with
the executives of the plant.
Answering the journalists’ questions after the meeting, Tigran Sargsyan
said that the loan of USD 14 million as extended to the plant by a
government decree will help boost activities in the long run. It is
crucial from two perspectives: economic and social. As to the economic
aspect, it will finance the purchase of new equipment and increase
productivity. As to the social aspect, firstly, citizens were right
to complain of wage arrears.
In this connection, the management has assured us that no further
arrears will be accumulated after loan disbursement. Secondly, the
new equipment will increase work efficiency, and the plant will get
a competitive edge in the long run," the Prime Minister said. He
noted that an arrangement had been reached between the Government
and the management of the plant that the level of staffing will not
be allowed below 900 amid crisis. Today the management re-confirmed
this arrangement. According to head of the government, thanks to
the loan, the administration will be able to pay off the debt in
full. The management promised that the May and June arrears will soon
be completely repaid. The plant is scheduled to resume operations
from this July the 1st.
Armenian Molybdenum Production Ltd and Zangezur Mining Ltd will get
USD 15 million in loan proceeds each. The Prime Minister indicated
that the credit will be used to develop such infrastructures as may
promote growth in exports and reduce the cost price. The State may
rest assured that the loan will be repaid as production capacity and
the new equipment is pledged under the loan. "This means that first
of all we safeguard our financial assets against losses and, on the
other hand, we create favorable conditions for borrowing enterprises
to keep up with competition and increase exports amid crisis," the
Prime Minister said.
From: Emil Lazarian | Ararat NewsPress
