Some $200 Million To Be Invested In Tailings Processing Project In A

SOME $200 MILLION TO BE INVESTED IN TAILINGS PROCESSING PROJECT IN ARMENIA

YEREVAN, October 16. / ARKA /. The Armenian government and several
privately-owned companies will invest about $200 million in a metallic
mines tailings processing project, a deputy minister of energy and
natural resources Levon Shahverdyan told a Cabinet session.

These companies are Cronimet Mining, the Zangezur copper and molybdenum
combine, VSEL group of companies and Aletig LLC. A relating memorandum
of intention was approved today by the Cabinet.

According to the deputy minister, under the memorandum the government
and the companies are to implement a productive and deep processing
of tailings and dumps rocks accumulated during the extraction of
metallic minerals.

Levon Shahverdyan said a new technology will be used to process the
tailings securing 98% wastes treatment purity.

The deputy minister said also a working group will be set up until
December to conduct an assessment of the project and also look into
a possible legislation adjustment. It will be given two months to
prepare and submit to the government a business plan. The deputy
minister said this project would create about 1,800 new jobs.

According to the National Statistical Service, Armenia’s mining
industry in January-August amounted to 127.9 billion drams, an 11
percent down year-on-year.-0-