President of GeoProMining Group: $40 million planned to be invested in Agarak Copper and Molybdenum Combine
YEREVAN, July 17. /ARKA/. Roman Khudoley, president of GeoProMining Group, answering ARKA News Agency's question at a news conference on Friday, said around $40 million is planned to be invested in Agarak Copper and Molybdenum Combine to enlarge the plant.
The plant's current output, he said, is 3.5 million tons of ore, and it is planned to be built up to 4 million tons and then to 6 million.
In his words, it is necessary to take a number of measures for that.
«We need to build up the mine's capacity and purchase machinery,» Khudoley said.
He said that the expansion of the plant will lead to creation of additional 200 jobs.
As many as 1,015 people work here now.
The GPM Group president said Agarak Copper and Molybdenum Combine is very sensitive to price changes.
«Content of copper in ore is 0.32%,» he said. «This is a very-very small figure, and any price fall brings losses to the combine. The broblem can be solved only by increasing output.»
Under the plant modernization program, around $30 million has been invested in it.
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. --0---