American Company Metal Prince Plans To Invest $3 Mln In Development

AMERICAN COMPANY METAL PRINCE PLANS TO INVEST $3 MLN IN DEVELOPMENT OF MINING INDUSTRY IN ARMENIA IN 2007-2009

arminfo
2007-07-11 09:39:00

American company Metal Prince, owner of Akhtala mining-and-processing
integrated works, is planning to invest $3 mln in development of mining
industry in Armenia in 2007-2009, president and executive director
of Metal Prince, Serob Ter-Pogosyan, told ArmInfo correspondent.

He also added that at present CJSC Metal Prince is negotiating with
several finance and investment companies for attraction of investments
in the capital. Using these sums the company will set the second
flotation line at the Akhatala mining-and-processing plant, which
will allow to raise rated capacity of copper concentrate production
from today’s 600t in a month up to 1000t.

President of the company said that today because of ore absence
only 300t of the copper concentrate are produced monthly. The copper
concentrate contains 20-25% copper. He also added that over the next
two years the company is going to start exploiting of the Akhtala
and Armanin poly-metal deposits.

Since setting of the second flotation line the company may start
processing of the poly-metal ore, which will make possible production
of zinc and plumb concentrate at the Akhatala plant. According to
the programme of 2007-2009, the company is going to gather all the
geological data, to create an electronic model of the deposits and to
hold reestimation of the stores. According to the preliminary data,
there are 10,4 mln tons of ore in Armanis.

President of Metal Prince added that $2,7 mln were invested in the
company in 2002 – 2006. They were attracted to drawing out of the
Shamlukh copper deposit being exploited today, and to upgrading
of the Akhtala processing plant. About $1 mln out of this sum were
invested in geological work when building the open-pit mining of the
Armanin deposit.

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