New modern gold mining plant to be constructed in Armenia

 July 6, 2011 - 14:07 AMT

PanARMENIAN.Net - Official ceremony of laying the foundation of a new gold mining plant Albion, named similarly as its main technology, took place on July 6 in presence of Armenian President Serzh Sargsyan in Ararat province in the territory of GPM Gold Ararat gold mining company.

“It is a significant day today for GPM and Armenia. Today we launch construction of a new plant to operate with Albion technology. This is the newest technology which was used only in Dominican Republic, the plant in Armenia will be the second in the world,” GPM President Roman Khudoliy told journalists.

According to him, this technology allows processing all ore types, and, as it is known, the problem of all deposits, including Sotk is hard-extracted sulfide ore.

As GPM President noted, the new plant will start operating in the first quarter of 2013 and by that time the company plans to produce 120 thous. ounces of gold (in 2011, 40 thous. ounces of gold), and in 2014 this figure is to be raised to 150 thous. based on new technology.

Today, GPM company employs 735 workers as against 680 workers in 2010, and upon completion of the construction the number will be increased by 130, with average salary totaling AMD165 thous.

GPM has already invested $260 mln. in purchase and upgrade of enterprises in Armenia, and till 2013, over $100 mln. will be invested to construction of the new plant, but this figure may rise due to additional works necessary to provide uninterrupted work of the plant, according to Khudoliy.

“We already invested $39 mln. worth direct investments into production, and only this year we spent $12 mln. for Albion,” Khudoliy said.

Touching upon ecological problems, the head of GPM said that there is not any purer technology in the world.