Our Armenian operations include GPM Gold and the Agarak Copper-Molybdenum Mine Complex, as well as two licenses for promising deposits. We are already investing in new technologies and greater efficiency across our Armenian operations, with the aim of reducing costs and increasing output.
We are currently preparing to upgrade the Ararat gold plant with the innovative Albion gold extraction technology from Xstrata Technology (Australia), supported by Core Process Engineering (Australia). This method of gold extraction will enable the gold mill to process sulphide ores and significantly increase the gold recovery rate. The project is expected to be completed in 2013.
In addition to upgrades at the Ararat mill, we plan to invest in a new mining fleet and stripping of the existing pit at the Zod gold mine. Preliminary project work is being carried out with special attention to increasing the efficiency, with a focus on the environmental safety of operations. These projects are currently expected to be completed by 2013.
Our investments in the Agarak Copper-Molybdenum Mine Complex include installation of new flotation machines and upgrades to existing equipment, which will help to increase the recovery rate for copper and molybdenum. Upon completion, the plant’s ore processing capacity is expected to increase from 3.0 mt to 3.5 mt of ore per annum. This project is currently scheduled to be completed by 2012.
Operations:
GPM Gold
- GPM Gold includes the Zod mine and the Ararat gold extraction plant
- The assets were not operational when they were acquired at the end of 2007, and production was re-launched in 2008; the business became cash flow positive at the end of 2009
- In terms of explored resources, the Zod mine is one of the largest deposits in the Caucasus region
- Ore from the Zod deposit is transported by rail to the Ararat processing plant, where it is milled and then processed using CIL leaching and smelted into doré bars
Agarak Copper-Molybdenum Mine Complex
- The Agarak Copper-Molybdenum Mine Complex produces copper and molybdenum concentrate through bulk-selective flotation recovery of molybdenum and copper minerals.
- GPM acquired 100% of Agarak in 2007
- The pit is mined using conventional mining methods, and the adjacent processing plant currently has a capacity of 3Mtpa of ore
Exploration:
Gladszor
- Polymetallic (copper-lead-zinc) deposit
- Further exploration of the deposit is under way in order to increase the mineral resource base and confirm reserves and resources under JORC classification
Hankavan
- A copper and molybdenum deposit covering an area of 300 ha, located ~80 km to the North of Yerevan
- Further exploration of the deposit is under way
