Zangezur Copper and Molybdenum plant to make profit in 2009 despite crisis

PanARMENIAN.Net - Zangezur Copper and Molybdenum plant will make profits in 2009 despite the world crisis, ZCMC Director said.



If copper and molybdenum prices keep fluctuating between $8 500 and $3 500 per ton, the ZCMC will gain small profit by the end of the year, Maxim Hakobyan told journalists on Thursday.



At the same time, he said, ZCMC profit could drop 3 to 4 times as a result of world fuel prices decrease.



"If 3 months ago the plant could purchase diesel fuel at AMD 215 per liter, currently the price went up to AMD 410. Prices for copper and molybdenum keep falling. As compared to the previous month, prices for copper and molybdenum went 3,76 and 3,3 times lower, respectively," he said.



Zangezur Copper and Molybdenum plant ranks 4th among 300 major tax payers in Armenia. The plant makes annual contributions to social programs (culture, arts, healthcare). The payments totaled AMD 4 billion in 2007 and AMD 1 billion in 2008.