GeoPromining calls on Armenian government to create commission to resolve standoff at Agarak copper-molybdenum combine
10.07.2019,
18:13
GeoProMining, a diversified international group of mining companies, asked the Armenian government today to create a multilateral commission to resolve the standoff between the leadership of its Agarak Copper-Molybdenum Combine and the workers.
YEREVAN, July 10 /ARKA/. GeoProMining, a diversified international group of mining companies, asked the Armenian government today to create a multilateral commission to resolve the standoff between the leadership of its Agarak Copper-Molybdenum Combine and the workers.
According to the press service of the company, the combine suspended operation on July 3 because of an ‘illegal’ strike, which it said has paralyzed production.
“In violation of labor contracts, the employees of the Combine’s technological transport unit issued unreasonable demands for payment of additional money, which is not provided for by bilateral contracts. Due to the plant’s stoppage, the local community and Armenia’s state budgets are incurring considerable material losses,” the company said.
The leadership of Agarak Copper-Molybdenum Combine also called on Armenian parliament members to refrain from coming up with emotional and baseless accusations against the company. It said the Combine fulfills all its obligations to the staff, the local community and state budgets in full as stipulated by the legislation of Armenia.
It said the Combine fulfills also its obligations in terms of wages, overtime and additional payments. The Combine never had wage arrears and always fulfilled its obligations as stipulated by the contracts and Armenian legislation.
GeoProMining, as one of the largest investors in the Armenian economy, called on state bodies to form a multilateral commission of competent government bodies in order to objectively study the current situation and find a way to resolve it.
GeoProMining was founded in 2001. In Armenia it owns two assets – the Agarak Copper-Molybdenum Combine and GPMGold, which develops the Sotk gold mine and runs the Ararat gold recovery factory.
The Agarak Copper-Molybdenum Combine is located in the south of Armenia, on the border with Iran. It is the largest industrial facility in the Meghri region. Since 2007, the company has invested $79 million in its development. Currently it has 1,040 people on its payroll. The average salary of a worker and engineering staff (excluding management) is 340,000 drams.
From 2008 to 2018, the Agarak Copper-Molybdenum Combine paid the equivalent of $121.9 million in taxes and duties, including VAT payments. In 2019, the plant plans to pay about $12 million in taxes, including VAT payments. Overall, GeoProMining has invested over $ 530 million in the Armenian economy. -0-
According to the press service of the company, the combine suspended operation on July 3 because of an ‘illegal’ strike, which it said has paralyzed production.
“In violation of labor contracts, the employees of the Combine’s technological transport unit issued unreasonable demands for payment of additional money, which is not provided for by bilateral contracts. Due to the plant’s stoppage, the local community and Armenia’s state budgets are incurring considerable material losses,” the company said.
The leadership of Agarak Copper-Molybdenum Combine also called on Armenian parliament members to refrain from coming up with emotional and baseless accusations against the company. It said the Combine fulfills all its obligations to the staff, the local community and state budgets in full as stipulated by the legislation of Armenia.
It said the Combine fulfills also its obligations in terms of wages, overtime and additional payments. The Combine never had wage arrears and always fulfilled its obligations as stipulated by the contracts and Armenian legislation.
GeoProMining, as one of the largest investors in the Armenian economy, called on state bodies to form a multilateral commission of competent government bodies in order to objectively study the current situation and find a way to resolve it.
GeoProMining was founded in 2001. In Armenia it owns two assets – the Agarak Copper-Molybdenum Combine and GPMGold, which develops the Sotk gold mine and runs the Ararat gold recovery factory.
The Agarak Copper-Molybdenum Combine is located in the south of Armenia, on the border with Iran. It is the largest industrial facility in the Meghri region. Since 2007, the company has invested $79 million in its development. Currently it has 1,040 people on its payroll. The average salary of a worker and engineering staff (excluding management) is 340,000 drams.
From 2008 to 2018, the Agarak Copper-Molybdenum Combine paid the equivalent of $121.9 million in taxes and duties, including VAT payments. In 2019, the plant plans to pay about $12 million in taxes, including VAT payments. Overall, GeoProMining has invested over $ 530 million in the Armenian economy. -0-
