Geopromining Company’s Anticrisis Program Underway

16:55 10/08/2009

On June 30 Agarak Copper-Molybdenum Combine resumed operation
activities. Presently the Combine employs 900 employees. GeoProMining
Company monthly payment of wages is regulated.

Presently an anti-crisis program is underway, which aims at reduction
of prime cost and increase of competitive capacity of production. The
program suggests a systematized approach, including capital investments
with the goal to modernize production and raise qualification of
employees, as well as make changes in organizational structure.

It is important to mention that in relation to economic crisis,
operation of the Combine was temporarily stopped. From the moment
of its stoppage, in February of 2009, 500 employees continued
repair-reconstruction activity, being paid their full wages, 400
people were on involuntary idleness leave, and received two thirds
of the amount of their wages.

GeoProMining Group is specialized in mining and ore-dressing of
complex ore (copper, molybdenum, antimon) and precious metals (gold,
silver). GeoProMining Group has a diversified production structure and
markets. The mines and processing plants of the Company are located
in Armenia, Georgia, Russia.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS