Agarak Copper-Molybdenum Combine To Invest Up To $24 Million In Modernization
08.02.2011,
14:51
The combine’s General Director Sergey Polovinkin said in an interview with ARKA. According to him, the investment project is estimated at $22-$24 million and is planned to be accomplished in 2012 February.
YEREVAN, February 8, /ARKA/. Agarak copper-molybdenum combine in southern Armenia is now in the process of technical re-equipment and reconstruction, the combine’s General Director Sergey Polovinkin said in an interview with ARKA. According to him, the investment project is estimated at $22-$24 million and is planned to be accomplished in 2012 February.
Mr. Polovinkin said the goal of the project is not only to increase metal extraction from ore by 3-5%, but to also decrease materials consumption ratio. He said the reconstruction is partly funded by a $14 million stabilization loan, provided to the combine by the Armenian government.
In June 2009 the Government passed a decision to provide a $14 million budget loan to Agarak copper-molybdenum combine, repayable in 4 years. The loan was provided to finance the investment project, including also acquisition of equipment and reconstruction of the ore processing plant.
According to Mr. Polovinkin, the company has started repaying the loan since December 2009 according to the schedule.
‘The project is now undergoing the final expertise phase, as the construction work proceeds at a full pace,’ Mr. Polovinkin said. He said the general contractor, selected through a tender, has been engaged in ground works since December2010 . It also works inside the plant to reconstruct metal structures and concrete overhead covers. According to Mr. Polovinkin, all ecology-related issues have been regulated. He added that the project stipulates a $3 million investment in nature protection measures.
‘Modernization means organization of closed production cycle. In other words, waste- dumping is absolutely ruled out,’ he said, explaining that sediment reservoirs will be built which require permanent purification. The purified water will then go back to the plant.
The Agarak Copper and Molybdenum Combine operates the Agarak mine and the concentration plant. Its shares were acquired by GeoProMining in 2007. The Agarak mine has proven reserves for 20 years. The combine’s capacity is about 3 million tons of ore with a 0.41% copper and 0.022% molybdenum content. The plant’s capacity is 240,00 tons a month. The company employs 900 people.—0--
Mr. Polovinkin said the goal of the project is not only to increase metal extraction from ore by 3-5%, but to also decrease materials consumption ratio. He said the reconstruction is partly funded by a $14 million stabilization loan, provided to the combine by the Armenian government.
In June 2009 the Government passed a decision to provide a $14 million budget loan to Agarak copper-molybdenum combine, repayable in 4 years. The loan was provided to finance the investment project, including also acquisition of equipment and reconstruction of the ore processing plant.
According to Mr. Polovinkin, the company has started repaying the loan since December 2009 according to the schedule.
‘The project is now undergoing the final expertise phase, as the construction work proceeds at a full pace,’ Mr. Polovinkin said. He said the general contractor, selected through a tender, has been engaged in ground works since December2010 . It also works inside the plant to reconstruct metal structures and concrete overhead covers. According to Mr. Polovinkin, all ecology-related issues have been regulated. He added that the project stipulates a $3 million investment in nature protection measures.
‘Modernization means organization of closed production cycle. In other words, waste- dumping is absolutely ruled out,’ he said, explaining that sediment reservoirs will be built which require permanent purification. The purified water will then go back to the plant.
The Agarak Copper and Molybdenum Combine operates the Agarak mine and the concentration plant. Its shares were acquired by GeoProMining in 2007. The Agarak mine has proven reserves for 20 years. The combine’s capacity is about 3 million tons of ore with a 0.41% copper and 0.022% molybdenum content. The plant’s capacity is 240,00 tons a month. The company employs 900 people.—0--
