YEREVAN, April 28. / ARKA /. GeoProMining (GPM) diversified international mining group has commissioned today new Albion technology at Ararat Gold Recovery Factory. The ceremony was attended by president Serzh Sargsyan, Russia’s transport minister Maxim Sokolov, who is the Russian co-chairman of the Russian-Armenian intergovernmental commission on economic cooperation and members of the Armenian government.
GPM president Roman Khudoliy said the company has invested $140 million since 2009 in the introduction of this innovative technology. He added that the factory has installed equipment from 52 countries and its construction involved 27 companies, including 22 from Armenia.
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.
According to Roman Khudoliy, the Ararat Gold Recovery Factory is the second factory in the world to have installed Albion technology after the Dominican Republic where it processes technogenic deposits.
He said Armenia is the first country where the technology will be used to process concentrates.
Khudoliy also said the investment will pay back in at least 5 years if the current prices of gold do not drop.
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-