GeoProMining’s investments in Armenia total $400 million – Khudoliy
YEREVAN, April 29. /ARKA/. Total investments by GeoProMining (GPM) group of companies in Armenia amounted to about 400 million dollars, GPM president Roman Khuloy told reporters.
Direct investments in technology and production alone totaled about 200 million dollars, he said at the commissioning of ‘Albion” technology at Ararat Gold Recovery Factory.
The president said investments in modernization of the factory totalled 35 million dollars and the new line based on ‘Albion’ technology cost 140 million dollars.
The commissioning ceremony held on April 28 was attended by Armenia’s president Serzh Sargsyan. The Albion technology, developed by Australian Xstrata Technology and Core Process Engineering companies will significantly increase extraction of metal from refractory sulfide ores in Sotk gold field.
GPM has enterprises in Russia and Armenia. GeoProMining owns two assets in Armenia – the Agarak Copper and Molybdenum Combine and GPM Gold. The latter is developing the Sotk gold mine and runs the Ararat Gold Recovery Factory. -0-