GeoProMining Gold intends to extract 3.8 tons of gold in Armenia in 2017
YEREVAN, July 17. /ARKA/. Ararat Gold Mill, run by GeoProMining Gold Company, will operate to the full extent of its industrial capacity and it is planning to release 3.8 tons of gold, Roman Khudoley, president of GeoProMining Group, said Friday at a news conference.
«We have invested around $160 million in the mill alone,» he said. «We launched the plant in 2014, but only in 2016 we achieved the planned indicators. The extraction coefficient is 87% and projected indicator is 86%, but we will try to increase it. There are some months when we reach 90%.»
Khudoley said that it has become possible to achieve such high metal extraction results thanks to 'Albion' technology of Australi'a Xstrata.
He said that the gold extraction is planned to be increased.
«In 2008, we have managed to produce only 136 kilograms, but we are going to build up the output to 5 – 5.5 tons,» he said. «In 2016, we have extracted 3.11 tons of gold.»
In his words, the explored gold reserves total 130 tons.
GeoProMining Gold will implement a $10-million investment program this year. Sotk gold mine and mill are to be re-equipped as part of this program.
An appropriate project is being developed now, and construction of a pit will be launched the next year.
«The project will be ready by the fourth quarter, and it will be not cheap.»
Some 550-600 people worked at the gold assets in 2008, while now it has 1,070 employees or 1,500 including the pit.
GeoProMining, established in 2001, combines international mining expertise with significant on-the-ground experience in the regions where it operates.
GPM has businesses in Armenia and Russia.
The company's main assets in Armenia are GPM Gold Company, which runs Sotk gold deposit, Ararat Gold Mill and Agarak Copper and Molybdenum Combine.
In total, $504 million has been spent over the last decade on investments for purchasing Agarak Copper and Molybdenum Combine, repayment of debts, redemption of stocks from minority shareholders, acquisition of equipment, modernization of GPM Gold and Agarak Copper and Molybdenum Combine as well as additional capital spending. --0---