New copper smelter establishment in Armenia postponed for several years

PanARMENIAN.Net - Director of Zangezur Copper-Molybdenum Combine Maxim Hakobyan said that the current volume of copper production in Armenia is insufficient from the economic perspective for establishment of a new copper smelter.

Huge works were carried out in this direction with representatives of the mining industry and Armenian government, Hakobyan said on April 27 after a meeting with participation of the Armenian President and heads of mining and metallurgical companies.

“We came to the conclusion that it is necessary to postpone establishment of the smelter for several years and increase volumes of copper production in the republic,” said Hakobyan.

According to him, 60,000-80,000t of copper should be produced annually to consider construction of the smelter. “It means that the volume of copper production should be at least doubled,” noted Hakobyan.

As for activity of Zangezur Copper-Molybdenum Combine, he said that 20% growth in production was recorded in 2010. Besides, over 150 new jobs were created. The average salary of 3,100 employees totals AMD 246,000 against AMD 160,000 in the period of crisis.

“A new mill is planned to be launched in September-October 2011, what will allow increasing production capacity by 30-40% by the end of the year,” concluded Hakobyan.

 Top stories
Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”.
Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision.
The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision.
Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.
Partner news