Armenian Deputy PM Armen Gevorkyan Visits Agarak Copper-Molybdenum Combine

Posted on Dec 6, 2011 in Company news, News and Press releases

Armenian Deputy PM Armen Gevorkyan Visits Agarak Copper-Molybdenum Combine

6 December 2011, Yerevan

GeoProMining, a diversified international mining group, announces that Armenian Deputy Prime Minister Armen Gevorkyan visited the Agarak Copper-Molybdenum Combine (ACMC) during an official trip to the Megri region, where he was briefed on the company’s production facilities and investment programmes.

Mr Gevorkyan visited the new enrichment facility that the company is building and which is fitted out with cutting-edge flotation equipment. Company management told the deputy prime minister about progress on construction of the new building, planned to be completed by the end of the year, as well as the staff training programme and organisational changes at the facility. The investment programme will see some 40 jobs created at ACMC.

Following his visit, Mr Gevorkyan praised the pace of modernisation at ACMC, which is one of the largest production facilities in the region, and noted in particular the importance of creating new jobs for the future of the Agarak region.

In June 2009, the government of Armenia provided ACMC with stabilization credit for anti-crisis measures to support a program to reduce costs and increase ACMC’s competitiveness. In December 2009, ACMC began repayment of the government credit. In 2010, ACMC returned to profitability, and is seeking to further improve its manufacturing and financial performance in 2011-2012.

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Notes to editors

GeoProMining, founded in 2001, is an international, privately held company with a diversified base of gold and other metals assets. GeoProMining engages in mining activities in Armenia, Georgia and the Russian Federation.