GPM Gold earned $17 million in net profit last year
27.08.2012,
20:48
GeoProMining Gold (GPM Gold) earned last year $17 million in net profit in Armenia, according to its CEO Vladimir Kozlov. He said all the profit was invested in further upgrading of the company’s facilities.
YEREVAN, August 27. / ARKA /. GeoProMining Gold (GPM Gold) earned last year $17 million in net profit in Armenia, according to its CEO Vladimir Kozlov. He said all the profit was invested in further upgrading of the company’s facilities.
Kozlov said this year the company does not expect ‘serious’ growth because its priority is to prepare the launch of Albion technology.
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.
He said tangible growth should be expected only from 2014, when the company is supposed to produce up to 130,000 ounces of gold. Earlier GeoProMining president Roman Khudoliy said the company was producing here 43,000 ounces of gold.
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-
Kozlov said this year the company does not expect ‘serious’ growth because its priority is to prepare the launch of Albion technology.
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.
He said tangible growth should be expected only from 2014, when the company is supposed to produce up to 130,000 ounces of gold. Earlier GeoProMining president Roman Khudoliy said the company was producing here 43,000 ounces of gold.
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-
