Prime Minister of Armenia visits the Agarak Mining Complex

Posted on Sep 14, 2011 in Company news, News and Press releases

Prime Minister of Armenia Tigran Sargsyan visits

the Agarak Copper-Molybdenum Mining Complex

14 September 2011, Yerevan

GeoProMining (GPM or “the Company”), a diversified international mining group, announced that the Prime Minister of Armenia, Tigran Sargsyan, visited the Agarak Copper Molybdenum Combine (ACMC) during an official trip to the region of Syunik. The Prime Minister reviewed the plant’s investment programs, which include modernization of processing facilities, professional training for employees, changes to the organizational structure of the enterprise and development of the mine.

In August 2009, GPM hired the Mechanobr Institute to conduct a feasibility study for the reconstruction of ACMC. The institute developed an integrated approach to designing new and modernizing existing facilities at ACMC. The project includes the development of efficient technologies, implementation of modern engineering solutions and the use of more efficient, higher-output equipment.

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 increase manufacturing and financial performance in 2011-2012.

Press contacts:

Ruzanna Grigoryan

Tel: +374 (94) 19 07 13

Email: ruzan@gpmgold.am

 

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. GeoProMining acquired the initial stake in ACMC in December 2007.