Metal mining enterprises to become buffer for crisis prevention

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Economy

17.12.2008, 00:10

Owners of Armenia’s metal mining enterprises can become a financial buffer to weather the crisis, RA Prime Minister Tigran Sargsyan said told the Golos Armenii (Voice of Armenia).

YEREVAN, December 16. /ARKA/. Owners of Armenia’s metal mining enterprises can become a financial buffer to weather the crisis, RA Prime Minister Tigran Sargsyan said told the Golos Armenii (Voice of Armenia).

When the owners of the mining enterprises started business, prices were higher than they had expected, the premier said, pointing out excess profits the companies earned in the past three years. “Our National Statistical Service can prove my words,” Sargsyan said.

“With 2,100 companies surveyed, it turned out that mining enterprises top the chart of excess-profit enterprises.” According to the prime minister, the government is negotiating with the owners of local mining enterprises on their liabilities to employees.

Sargsyan urged the tax services to return the value added tax to mining enterprises, so that they can withstand the financial crisis. The premier said the government stands ready to discuss existing problems with local enterprises.

RA Minister of Energy and Natural Resources Armen Movsisyan, RA Minister of Economy Nerses Yeritsyan and RA Minister of Labor Arsen Hambardzumyan last month visited Kajaran and Agarak copper-molybdenum plants, as well as the Kapan-based ore-dressing enterprise to find solutions to the problems in the sector. During their visit, the ministers agreed on avoiding staff reduction and organize another discussion in three months in view of the turmoil in the global metals market and the tough social situation. –0--

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