GPM GOLD company invests $17.8 million in 2011 in Armenia
19.03.2012,
18:12
Russian-owned GPM GOLD company invested a total of $17.8 million in 2011, its CEO Vladimir Kozlov, told reporters today. He said the investments were channeled into a variety of sectors.
YEREVAN, March 19. /ARKA /. Russian-owned GPM GOLD company invested a total of $17.8 million in 2011, its CEO Vladimir Kozlov, told reporters today. He said the investments were channeled into a variety of sectors.
"To date, the main focus in our investment program is on introduction of new Albion technology at Ararat Gold Recovery Factory," he said.
On July 6, 2011 Armenian president Serzh Sargsyan attended the ceremony for laying the foundation stone for the new ore dressing line at Ararat gold recovery factory. The construction is expected to be completed in early 2013.
The unique innovative technology Albion which is part of an ambitious program of modernization of GPM assets in Armenia will improve operational efficiency and ensure high environmental standards.
The Albion technology was developed by Australian Xstrata Technology and Core Process Engineering. It allows to significantly increasing the extraction of metal from the hard sulphide ore from Sotk gold deposits. Beginning from 2014 the company may increase output to 150 000 ounces of gold per year.
Kozlov said the technology has passed the environmental test and the design work was in the final stage. According to him, the major part of the construction work at the Ararat plant will be accomplished this year.
"The project includes not only the reconstruction of the factory itself, but also preparation of raw materials base, namely, the increase in ore production at Sotk filed," he said.
According to the CEO, last year the company signed all contracts for delivery of equipment and machinery. He said the first has already arrived. The second and third batches, including dump trucks, bulldozers, excavators and drilling rigs will arrive in April and August.
GPM GOLD is developing Sotk gold mine and Ararat gold recovery plant. It is part of Russian GeoProMining group of companies. GeoProMining acquired 100% of Sterlite Gold Ltd from international Vedanta Resources in 2007 September. Sterlite Gold Ltd was the only owner of AGRC that was later renamed GPM GOLD. -0-
