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ZANGEZOUR COPPER-MOLYBDENUM GROUP TO BE SOLD FOR $132 MLN
YEREVAN, DECEMBER 14. ARMINFO. A contract to sell for $132 mln 100%
shares of Zangezour Copper-Molybdenum Group was signed in Yerevan
today.
Armenia's Trade and Economic Development Minister Karen Tchshmarityan
says that 60% stake has been given to Cronimet Mining (Germany), 15%
Pure Iron Plant (Yerevan), 12.5% to Armenian Molybdenum Production and
12.5% to Zangezour Mining. The shareholders will set up a joint
managing company. The first $45 mln payment will be made by Jan 1
2005, the rest till Dec 31 2005. The contract is financed by Deutsche
Bank and Creditten Stadt Bank.
$250-350 mln is to be invested in the group by 2012 under preliminary
agreement with the final amount to be specified by feasibility report
in 2005.
The project is expected to pay off in 6-7 years, says
Tchshmarityan. Jan 1 2005 Armenia is stopping to export molybdenum
concentrate to process it fully at home. In 2005-2008 the group will
deepen its molybdenum processing activities to receive a maximally
finished product. In 2008-2012 it will launch a rolled copper. The
investments will allow the group to redouble its ore production, says
Tchshmarityan.
Cronimet Mining President Hunter Pilarsky says that his company is an
international trade group covering 4 continents. It owns 51% of Pure
Iron Plant, an enterprise processing 50% of Zangezour molybdenum
concentrate. Pilarsky says that international molybdenum prices are
high today which is normal even considering high transportation costs
from Armenia. The company exports its production to Europe via Iran
and Georgia.
In 2003 Zangezour Copper Molybdenum Group registered a $20 mln balance
sheet profit. In Jan-June 2004 its output totalled 24.8 bln AMD - 2.1%
less than in Jan-June 2003. In 2003 the group mined and processed 8.1
mln tons of ore producing 6,300 tons of molybdenum concentrate and
11,000 tons of copper in copper concentrate. Zangezour has the biggest
molybdenum reserves in the whole former USSR.
From: Emil Lazarian | Ararat NewsPress
YEREVAN, DECEMBER 14. ARMINFO. A contract to sell for $132 mln 100%
shares of Zangezour Copper-Molybdenum Group was signed in Yerevan
today.
Armenia's Trade and Economic Development Minister Karen Tchshmarityan
says that 60% stake has been given to Cronimet Mining (Germany), 15%
Pure Iron Plant (Yerevan), 12.5% to Armenian Molybdenum Production and
12.5% to Zangezour Mining. The shareholders will set up a joint
managing company. The first $45 mln payment will be made by Jan 1
2005, the rest till Dec 31 2005. The contract is financed by Deutsche
Bank and Creditten Stadt Bank.
$250-350 mln is to be invested in the group by 2012 under preliminary
agreement with the final amount to be specified by feasibility report
in 2005.
The project is expected to pay off in 6-7 years, says
Tchshmarityan. Jan 1 2005 Armenia is stopping to export molybdenum
concentrate to process it fully at home. In 2005-2008 the group will
deepen its molybdenum processing activities to receive a maximally
finished product. In 2008-2012 it will launch a rolled copper. The
investments will allow the group to redouble its ore production, says
Tchshmarityan.
Cronimet Mining President Hunter Pilarsky says that his company is an
international trade group covering 4 continents. It owns 51% of Pure
Iron Plant, an enterprise processing 50% of Zangezour molybdenum
concentrate. Pilarsky says that international molybdenum prices are
high today which is normal even considering high transportation costs
from Armenia. The company exports its production to Europe via Iran
and Georgia.
In 2003 Zangezour Copper Molybdenum Group registered a $20 mln balance
sheet profit. In Jan-June 2004 its output totalled 24.8 bln AMD - 2.1%
less than in Jan-June 2003. In 2003 the group mined and processed 8.1
mln tons of ore producing 6,300 tons of molybdenum concentrate and
11,000 tons of copper in copper concentrate. Zangezour has the biggest
molybdenum reserves in the whole former USSR.
From: Emil Lazarian | Ararat NewsPress