Cronimet’s Chairman: Rise In Price Of Metal On International Market

CRONIMET’S CHAIRMAN: RISE IN PRICE OF METAL ON INTERNATIONAL MARKET PROVIDES ZANGEZUR COPPER AND MOLYBDENUM ENTERPRISE WITH GOOD OPPORTUNITY FOR ADDITIONAL INVESTMENTS

Noyan Tapan
Aug 1, 2007

YEREVAN, AUGUST 1, NOYAN TAPAN. The Armenian prime minister Serge
Sargsian on Augsut 1 met with the delegation headed by Gunther
Pilarski, the Honorary Consul of Armenia in Germany, founder and
chairman of Cronimet Gruppe.

Welcoming and appreciating the activities of Cronimet – the owner of
70% of the Zangezur Copper and Molybdenum Enterprise’s shares, which
is the biggest German investor in Armenia, thanks to which Germany has
become one of the biggest investors in our country, Serge Sargsian
on behalf of the Armenian government exspressed a willingness to
promote cooperation with this company, which is the world’s leader
engaged in the processing of raw material in metallurgy. The prime
minister underlined that in its program for the next five years,
the Armenian government gives priority to development of mining
industry and will encourage cooperation between the state and the
private sector with the aim of developing this sector having serious
export-related prospects. In the words of S. Sargsian, the cooperation
of the Zangezur Copper and Molybdenum Enterprise and the Armenian
government may serve as a good example.

Gunther Pilarski who is the Honorary Consul of the Republic of Armenia
in Germany said that his visit is aimed at deepening the cooperation
and he is glad to hear about such a willingness on the part of the
Armenian prime misiter. He informed S. Sargsian about further plans
on development of the Zangezur Copper and Molybdenum Enterprise,
including the program on processing of copper concentrate on the
spot, which may be of great use to Armenia. Noting that the price
of metal has considerably risen on international market in recent
years, Gunther Pilarski said that this circumstance provides the
Zangezur Copper and Molybdenum Enterprise with a good opportunity
for additional invvestments.

In response to the prime minister’s question about whether enhancement
of the enterprise’s capacities will cause new environmental problems,
Mr. Pilarski assured him that the whole process will proceed in a
closed cycle and there is no cause for concern.

According to the RA Government Information and PR Department,
issues related to long-term cooperation in other sectors were also
discussed during the meeting of the prime minister and the German
delegation. The two sides attached importance to development of the
insurance market in our country and the entrance of big banks and
insurance companies into the Armenian market with this aim. They also
spoke about cooperation in the transport sector, with negotiations
already being conducted between Yerevan mayor’s office and the
ministries interested. Gunther Pilarski also presented their plans
concerning Electron Plant, calling these projects quite profitable.

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