RA government to grant $10 million loan to Zangezur copper and molybdenum plantFebruary 19, 2009 - 16:31 AMT PanARMENIAN.Net - The Armenian government will grant a $10 million loan to the Zangezur copper and molybdenum plant for implementation of the second stage of the plant development program. "A 2-stage agreement was signed with the government four years ago, when the plant was privatized," director Maxim Hakobyan told a news conference today. "The first stage included a 50 percent increase of the plant capacity and job creation, construction works and equipment purchase," he said, adding that although $330 million was invested in the plant during four years, some $40-50 million are needed to complete construction works. "The funds will help increase the output volume and offer up to 10 000 job opportunities," Mr. Hakobyan said. He also informed that presently the average salary of a plant worker makes $700 against $230 in 2004. Zangezur copper and molybdenum plant is situated at the Armenian-Iranian border. It was privatized in 2004 for $132 million by four companies. German Cronimet holds 60 percent of the stocks. 15 percent belongs to Iron plant (major internal customer). Armenian molybdenum production CJSC and Zаngezur Mining Ltd. hold 12.5 percent each. 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 | Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. Byblos Bank Armenia celebrates Students' Day with scholarship recipients YSU students who received scholarships from Byblos Bank Armenia gathered in a casual setting to meet with the Bank's CEO, Hayk Stepanyan. Azerbaijan extends Rune Vardanyan’s arrest by 5 months A court in Azerbaijan has extended the arrest of former Nagorno-Karabakh leader Ruben Vardanyan by five months. Armenia border residents dissatisfied with delimitation Residents Kirants are dissatisfied with the results of the delimitation of the border between Armenia and Azerbaijan. |