Armenia’s GeoProMining planning to increase yield to 130,000 ounces in 2015
YEREVAN, April 29. /ARKA/. The GeoProMining (GPM) is planning to increase annual gold production in Armenia from the current 50,000 ounces to 120-130,000 ounces in 2015, president of GPM Roman Khudoliy told reporters. Yesterday’s commissioning of the new ‘Albion” technology at Ararat Gold Recovery Factory will contribute to it, according to Khudoliy.
The commissioning ceremony was attended by Armenia’s president Serzh Sargsyan. The company has invested $140 million since 2009 in the introduction of this innovative technology. The factory has installed equipment from 52 countries and its construction involved 27 companies.
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.
Khudoliy also said when GeoProMining bought the factory in 2008 the yield was 2,000 ounces only. “The taxes we paid then were less than a million of dollars, whereas no we are paying 19 million (dollars) in taxes”, Khudoliy said.
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-