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Production Volumes Of Kapan Mining and Processing Plant In FirstQuar

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  • Production Volumes Of Kapan Mining and Processing Plant In FirstQuar

    PRODUCTION VOLUMES OF KAPAN MINING AND PROCESSING PLANT IN
    FIRST QUARTER OF 2005 FELL 38% TOTALING $1.7 MLN

    YEREVAN, MAY 2. ARMINFO. The production volumes of Kapan mining and
    processing plant in the first quarter of 2005 fell 38% as compared
    to the same period of 2004 totaling $1.7 mln, Head of the Department
    for Economy, Management of Nature and Ore-Mining Industry, Armenian
    Ministry for trade and Economic Development, Artur Ashughyan told
    ARMINFO's correspondent.

    He said that export in the period under review halved totaling 555 mln
    AMD ($1.2 mln). The process of liquidation of the enterprise through
    procedure of bankruptcy in November 2004 had a negative impact on the
    production volumes, he said. The plant had $11 mln debts, including
    to the government. In conformity with the effective legislation,
    the owner of the plant had to recognize the plant a bankrupt and to
    establish a new juridical entities on its basis "Deno Gold," Ashughyan
    said. He added that the plant was privatized in conditions of strikes
    when the personnel were not receiving wages for months. 100% of Kapan
    mining and processing plant were purchased in Dec 2002 by the DENO
    company registered in Switzerland for $2,5 mln. In December 2004 the
    plant's owners paid $1 mln of the debt, he said. At present, DENO
    company is negotiating with foreign banks to attract new investments
    in the enterprise.
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