Geopromining Completes Major Step in Agarak Complex Upgrade

Posted on Apr 13, 2012 in Company news, News and Press releases

Geopromining Completes Major Step in Agarak Complex Upgrade

13 April 2012, Yerevan

GeoProMining (“GPM” or “the Company”), the diversified international mining group, announces that the Agarak Copper-Molybdenum Mine Complex has completed the construction and equipment of a new processing facility and updated its vehicle fleet. These measures are part of GPM’s investment programme for upgrade and technological enhancement of the Agarak complex.

The new facility is equipped with flotation machines of European manufacture that will increase processing volumes by 700,000 tonnes and ore retrieval by 3-5%. Nineteen new vehicles were also acquired during an upgrade of the plant’s fleet.

The upgrades have already created additional jobs, with 45 new employees being taken on following the acquisition of new equipment and completion of work on the processing facility.

GPM President Roman Khudoliy said: “GeoProMining is committed to upgrading its facilities to increase both production volumes and efficiency. We are very grateful to the Armenian Government for its support for the Agarak complex during the crisis year of 2009. Since then, GeoProMining has invested USD30 million in developing the Agarak complex, with most investments allocated to construction and equipment of the new processing facility.

“GeoProMining is also mindful of the wellbeing of local communities in regions where it has a presence. In 2011 alone, the company allocated about USD300,000 to social and charity projects in Megri region, and we are committed to continue our development as a socially responsible company.”

Press contacts:

Ruzanna Grigoryan

Tel: +374 (94) 19 07 13

Email: ruzan@gpmgold.am

 

About GPM:

Established in 2001, GeoProMining is an international, privately held company with a diversified resource base of gold and other metals. GeoProMining group companies are located in Russia, Armenia and Georgia. The group acquired shares in the Agarak Copper-Molybdenum Mine Complex in December 2007. The complex is the largest employer in the Megri region. The complex employs about 1,000 people.