GeoProMining invests $35 million to prepare the launch of Albion technology
27.08.2012,
19:57
GeoProMining Gold (GPM Gold) has invested this year about $35 million to prepare the launch of Albion technology, GPM Gold CEO, Vladimir Kozlov, said to ARKA.
YEREVAN, August 27. / ARKA /. GeoProMining Gold (GPM Gold) has invested this year about $35 million to prepare the launch of Albion technology, GPM Gold CEO, Vladimir Kozlov, said to ARKA.
In 2011 July in the presence of President Serzh Sargsyan GeoProMining laid the foundation stone of a new ore dressing line at Ararat gold recovery factory. Thanks to Albion technology, developed by Xstrata Technology (Australia) with the support of Core Process Engineering (Australia) allowing to significantly increase extraction of metal from refractory sulfide ores in Sotk field, the production can reach up to 150, 000 ounces of gold per year. GPM plans to complete the project in 2013.
Mr. Kozlov also said that the company has invested so far a total of $45 million mine in acquisition of new equipment and machinery for Sotk gold mine, including twelve 90-ton dump trucks Kamatsu, six excavators of various capacities and two drill rigs.
He said in two years the company has actually replaced and upgraded 95% of its equipment and machines at Sotk mine. This has allowed to increase uncovering operations to 1-1.1 million cubic meters of ore per month. Accordingly, this will allow it to be prepared in 2013 for the launch of Albion technology.
GeoProMining was founded in 2001. In Armenia it owns two assets – the Agarak Copper-Molybdenum Combine and GPMGold, developing the Sotk gold mine and running Ararat gold recovery factory. In the past two years it has invested more than $260 million in its Armenian assets. -0-
In 2011 July in the presence of President Serzh Sargsyan GeoProMining laid the foundation stone of a new ore dressing line at Ararat gold recovery factory. Thanks to Albion technology, developed by Xstrata Technology (Australia) with the support of Core Process Engineering (Australia) allowing to significantly increase extraction of metal from refractory sulfide ores in Sotk field, the production can reach up to 150, 000 ounces of gold per year. GPM plans to complete the project in 2013.
Mr. Kozlov also said that the company has invested so far a total of $45 million mine in acquisition of new equipment and machinery for Sotk gold mine, including twelve 90-ton dump trucks Kamatsu, six excavators of various capacities and two drill rigs.
He said in two years the company has actually replaced and upgraded 95% of its equipment and machines at Sotk mine. This has allowed to increase uncovering operations to 1-1.1 million cubic meters of ore per month. Accordingly, this will allow it to be prepared in 2013 for the launch of Albion technology.
GeoProMining was founded in 2001. In Armenia it owns two assets – the Agarak Copper-Molybdenum Combine and GPMGold, developing the Sotk gold mine and running Ararat gold recovery factory. In the past two years it has invested more than $260 million in its Armenian assets. -0-
