Basalt fiber, manufactured by melting of the quarried basalt rock, may serve as a basis for production of construction materials, ranging from nails to tracing paper. The raw materials obtained may be used for heat insulation and production of armature, which is thrice as solid as metal.

As Armenian Development Agency (ADA) CEO Robert Harutyunyan told a PanARMENIAN.Net reporter, first stage investments will amount to USD 6-10 million “depending on production volumes.”

While the first stage will focus on production of basalt fibers, in the second stage, the fiber will be used for manufacturing products. Oniks company production plant or Kanaker factory may be used as project implementation cites.

As the ADA CEO noted, on May 30, 2011 the project was submitted to Armenia-Iran intergovernmental committee’s consideration, as well as presented to Chinese, Austrian and Russian companies. Despite the interest shown, ADA has got no specific suggestions.