Agarak Copper-Molybdenum Combine to resume its production activities

Starting from the beginning of the month of July Agarak Copper-Molybdenum Combine will resume its production activities. Its operation was temporarily stopped in February of 2009, the company’s press office said.

From the beginning of the crisis (October 2008) the Combine was incurring losses, which were being covered by the investments made by the shareholders. From the start of the crisis the shareholders invested in the Combine more than 15 million USD, which were spent on covering of the losses and social payments.

GeoProMining Company is performing all the obligations undertaken before the Government and the staff. The Combine is employing 900 people.

From the moment of the stoppage of the Combine 500 employees continue to receive their full salaries, 400 people are on paid leave and receive two thirds of their salary amount. GeoProMining presented the employees the possibility of making use of their accumulated holidays.

Monthly salary fund of the Combine is forming 500 000 USD, main part of which is formed at the production sector. Presently some renovation works are being carried out at the combine, and also for optimization of the management structure.

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.