Agarak Copper-Molybdenum Combine (ACMC) has summarized the interim results of the anti-crisis investment program within the framework of the Armenian government stabilization loan of $ 14 million.
Recall that in connection with last year's sharp crisis in the backbone of the mining sphere of Armenia, suffered from a sharp decline in commodity prices in the international market, the Government of Armenia in June 2009 in order to stimulate the development of the mining industry has decided for number 719-A for the budgetary credit 3rd largest companies in the mining industry Zangezur mining, Armenian Molybdenum Production and Agarak copper-Molybdenum Plant. ACMC has been granted a loan of $ 14 million. With a maturity of 4 years at LIBOR + 8% under a program aimed at reducing costs and improving the competitiveness of production.
The program involves a systematic approach, including capital investments to modernize production and training mid-level employees, as well as changes in the organizational structure of the enterprise. The investment project involves modernization of the deposit and reconstruction of the plant.
So in November 2009 the company acquired a new flotation equipment that meets all the necessary technical requirements. Flotation park will be installed in the new plant built housing, where it is planned to place additional capacity for productivity growth.
In June, 2010 Plant embarked on implementation of geological exploration program, resulting in ore reserves at the field may grow to 160 million. M.
During the first half of 2010, the company exceeded the program of stripping in the record for the last 20 years amounts. It is planned to implement the stripping of 2.2 million cubic meters. m, seriously increase the cost of mine development. Began repair and construction work of the facade and interior of the enterprise premises.
In addition, the ACMC compared with the volumes of production for the second half of 2009 increased the production of copper concentrate at 12.29% and molybdenum concentrate by 2.4%. Volumes of production amounted to 15.159 thousand. t of copper and 254 tons of molybdenum concentrate.