Agarak Copper-Molybdenum Combine to resume production

PanARMENIAN.Net - Starting from July Agarak Copper-Molybdenum Combine will resume its production activities. Its operation was temporarily stopped in February of 2009, GeoProMining company's press office reported.



Since the crisis burst out, the shareholders have invested in the Combine more than USD 15 million, which was spent on covering the losses and social payments.



GeoProMining Company is performing all the obligations undertaken to the government and the staff. The Combine is employing 900 people.



From the moment of the stoppage of the Combine 500 employees continue to receive their full salaries, 400 people are on paid leave and receive two thirds of their salary. GeoProMining presented the employees the possibility of making use of their accumulated holidays. Monthly salary fund of the Combine is forming USD 500 000, main part of which is formed at the production sector. Presently some renovation works are being carried out at the combine, and also for optimization of the management structure.



GeoProMining Group is specialized in mining and ore-dressing of complex ore (copper, molybdenum, antimon) and precious metals (gold, silver). GeoProMining Group has a diversified production structure and markets. The Company's mines and processing plants of are located in Armenia, Georgia, Russia.