Total volume of investments of gpm gold in the armenian economy in the next years to be about $100 million

19.03.2012 18:58
Total volume of investments of gpm gold in the armenian economy in the next years to be about $100 million

YEREVAN, March 19. /ARKA/. Total volume of investments of the company GPM GOLD in the economy of Armenia in the next years will be $100 million, said CEO of the company Vladimir Kozlov.
“About 50%  of this amount are borrowed funds, and the remaining part is formed from credit and own funds of GPM”, he said to the journalists.
Kozlov said that the funds are directed at the reconstruction of Ararat Gold Recovery Factory,
re-equipment of    flotation production unit and purchase of machinery for Sotk mine.
“We plan to implement the main volume of investments - about $80 million, which include also social budget in 2012, an insignificant part of the funds will be invested in the first quarter of 2013. Return of investments by the given project is planned in 5-6 years”, he said.
He said that this year growth of about 2-3% is expected, including the indicators of extraction and processing of raw ore.
“Emphasis will be made on stripping of the mine. In this direction growth will be about 40% of the volume of 2011”, he said.
In 2011 in  Ararat Gold Recovery Factory  was processed more than 870 thousand tons of raw ore vs. about 550 thousand tons in 2010, growth was about 60%, about 880 thousand tons of ore was extracted vs. 490 thousand tons in 2010 which provided 80% growth of the given indicator, and the growth of stripping works and preparation of mine was 14%.
Production growth compared to 2010 was 90%, about 1280 kg of gold vs. 650 kg of the last year was melted.
Kozlov said that major growth of the production of marketable products several times is expected in 2013-2014 which will be due to introduction of the technology “Albion”.
Unique innovation technology “Albion” which is the part of large-scale program of modernization of assets of GPM in Armenia will improve productive efficiency of the company by maintaining high ecological standards.
“We expect that the production of marketable products will increase 3-4 times vs. present volumes”, he said.
The company GPM GOLD operating Sotk gold mine and Ararat Gold Recovery Plant is included in the Russian group of companies  GeoProMining (GPM).
GPM established in 2001 is an international private company with diversified resource base of metals.
GeoProMining produces gold in an alloy, “Dore” and copper,  molybdenum and antimony concentrates. GPM companies are located in Russia, Armenia and Georgia.   In Armenia GeoProMining has two companies – Agarak Copper-Molybdenum Plant and the company GPM Gold processing Sotk mine and managing Ararat Gold Recovery Plant.  –0--


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