PRODUCTION OUTPUT AT ZANGEZUR COPPER-MOLYBDENUM COMBINE RISES TO 16.4MLN TONS IN JANUARY-OCTOBER

YEREVAN, December 15. /ARKA/. Mining output at Zangezur
Copper-Molybdenum Combine rose hiked by 2.57% to 16 million 462,000
tons of ore in January-October, compared to the same period of 2013,
says the Armenian ministry of energy report on nine key mines in
the country.

Zangezur Copper-Molybdenum Combine operates Kajaran copper-molybdenum
mine. According to the ministry, despite the higher ore output,
commercial production at the combine dropped by 0.89% to 102.3 billion
drams in the period, compared to January-October 2013.

The royalty paid was 54.12% lower, having totaled about 5.4 billion
drams in January-October this year.

Zangezur Copper- Molybdenum Combine operates the largest copper
and molybdenum deposit in the country. The company’s shareholders
are German “Croniment Mining” ( 60%), Pure Iron Plant OJSC (15%),
“Armenian Molybdenum Production” Ltd. (12.5%), “Zangezur Mining” Ltd.

(12.5%).

The company is planning to complete the year 2014 at an ore production
output level of 18.7 million tons, then apply for a new license
to increase the ore output to 20 million tons per year by Q3 next
year. According to plans, the output will reach 22 million tons per
year by 2016.

Armenia’s National Statistical Service reports metal ore production
output in the country was 157.1 billion drams in January-October,
a decrease of 8.4% from the same period of last year. ($1 – 462.81
drams). -0–