YEREVAN, October 17. / ARKA /. GeoProMining, a diversified international mining group (GPM or the Company), said it has completed the technical upgrade of the Zod mine. This upgrade will provide for expanded exploration of the Zod field, which is required as the innovative Albion technology will be launched at the Ararat gold extraction plant.
In 2011-2012 the company purchased more than 30 units of mining equipment, and built a modernised fuel and lubricants storage facility and machine maintenance premises. The budget of this project exceeds USD45 million.
The new gold extraction line with the innovative Albion technology at the Ararat plant will help to significantly increase gold extraction from sulphide-bearing ore from the Zod mine. The Albion project in whole is a complex project consisting of several parts: construction of the new processing line with the advanced technology, efficiency improvement of the mining operation at the Zod field and upgrade of its technical fleet with new equipment.
The newly bought equipment includes excavators to load ore, dump trucks to transport ore, bulldozers, graders, maintenance trucks, etc. Most machinery has been purchased from the global producers of mining equipment Caterpillar and Komatsu this year.
“We are pleased to complete an important step in GPM’s key innovative project. This project is unique for the mining industry of Armenia in terms of scale as its total budget will exceed USD100 million. The next stage is to complete the construction of the new processing facility in Ararat and launch the advanced Albion technology. This will multiply production volumes, reduce environmental burden and improve the overall efficiency of the plant. This project when implemented will also create new jobs, more income tax and encourage the development of small adjacent businesses,” said Vladimir Kozlov, General Director of GPM Gold, which includes the Zod mine and the Ararat gold extraction plant.
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 and the Russian Federation. -0-