Armenia’s mining industry posts 50.4% growth in 2015
01.02.2016,
18:41
Armenia’s mining industry and quarries reported a 50.4% growth in 2015, which translates to 221.1 billion drams, according to the National Statistical Service (NSS).
YEREVAN, February 1. /ARKA/. Armenia’s mining industry and quarries reported a 50.4% growth in 2015, which translates to 221.1 billion drams, according to the National Statistical Service (NSS).
Incidentally, the sharp growth was recorded against the background of falling world prices for metals. According to the NSS numbers, mining of metal ores accounted for 97.6% or 216 billion drams of the output (a 51.5% growth), while other sectors of the industry accounted for 5.1 billion drams (a 5.7% growth).
According to World Bank’s Outlook Commodity Markets report, metal prices in 2015 dropped by 21% due to a decline in demand by China and other developing economies and are expected to fall further this year by 10%. In addition, copper prices are expected this year to fall by 9.2% against a decline of 19.7% in 2015, prices for aluminum will fall by 6.9% versus 10.8% in 2016 and prices of iron ore are expected to decrease by 24.7 % against 42.4% in 2015.
The sharp growth of the mining industry in Armenia was prompted by the launch of the Teghut mining complex in late 2014, the second largest in Armenia after the Zangezur copper-molybdenum mines in Kajaran. As a result exports of mineral products in 2015 increased by 19.9%.
According to statistics, Armenia’s manufacturing industry last year saw a 5.6% fall to 821.2 billion drams. At the same time the supply of electricity, gas, steam and conditioned air increased by 6.7% to 264 billion drams, while water supply, water purification and waste treatment increased by 10.1% to 20.6 billion drams.
Also Armenia’s industrial output increased last year by 5.2% to 1.327 billion drams. ($ 1 - 489.16 drams). -0-
Incidentally, the sharp growth was recorded against the background of falling world prices for metals. According to the NSS numbers, mining of metal ores accounted for 97.6% or 216 billion drams of the output (a 51.5% growth), while other sectors of the industry accounted for 5.1 billion drams (a 5.7% growth).
According to World Bank’s Outlook Commodity Markets report, metal prices in 2015 dropped by 21% due to a decline in demand by China and other developing economies and are expected to fall further this year by 10%. In addition, copper prices are expected this year to fall by 9.2% against a decline of 19.7% in 2015, prices for aluminum will fall by 6.9% versus 10.8% in 2016 and prices of iron ore are expected to decrease by 24.7 % against 42.4% in 2015.
The sharp growth of the mining industry in Armenia was prompted by the launch of the Teghut mining complex in late 2014, the second largest in Armenia after the Zangezur copper-molybdenum mines in Kajaran. As a result exports of mineral products in 2015 increased by 19.9%.
According to statistics, Armenia’s manufacturing industry last year saw a 5.6% fall to 821.2 billion drams. At the same time the supply of electricity, gas, steam and conditioned air increased by 6.7% to 264 billion drams, while water supply, water purification and waste treatment increased by 10.1% to 20.6 billion drams.
Also Armenia’s industrial output increased last year by 5.2% to 1.327 billion drams. ($ 1 - 489.16 drams). -0-
