CJSC ARMENIAN COPPER PROGRAMME INCREASES PRODUCTION VOLUMES
OF BLACK COPPER BY 131.6%

YEREVAN, MAY 2. ARMINFO. The Armenian metallurgical company CJSC
Armenian Copper Programme (ACP) engaged in production of black cooper
at Alaverdi copper smelting works increased its production volumes in
the first quarter of 2005 by 131.6%, which made up 5.159 bln AMD ($11.2
mln), the Ministry for Trade and Economic Development informs ARMINFO.

According to the source, the export of the production in the period
under review grew 69.5% totaling 4.882 bln AMD ($10.6 mln). The produce
is fully supplied to cooper smelting works in Europe through direct
deliveries. The export volumes in 2004 totaled $38 mln as against
$13 mln in 2003. In 2004 Acp processed 40,000 tons of concentrate
and extracted 9.5 thousand tons of black copper as against 24,000
tons and 6.3 thousand tons in 2003 respectively.

To note, in 2001 ACP was provided licenses for 25 yeas for recovery
of Alaverdi copper and Tekhut copper-and-molybdenum deposits. The
company has not started the exploitation of the Tehkut deposits
still exploring the territory. Since the beginning of 2004, ACP
began extracting concentrate from the affiliated enterprise Base
Metals LTD for the first time. The latter exploits Drmbon copper and
gold-mining deposit in Mardakert region, NKR. To ensure stable base
of raw- materials, ACP concluded a contract with Agarak mining and
processing plant for supply of 25,000 tons of copper concentrate. 81%
of the shares of CJSC Armenian Copper Programme belong to the company
Vallex F.M. Establishment registered in Liechtenstein and 19% to the
citizen of Russia, Valeriy Mejlumyan.

From: Emil Lazarian | Ararat NewsPress