ArmInfo
GeoProMining Russian Group, which owns GPM Gold Company in Armenia, exploiting Sotk gold mine and Ararat processing plant, intends to mine and process 575 850 ton of ore and produce 1 ton 190 kg of gold (38 234 ounces) in 2010 according to the budget plan.
As the press service of GeoProMining in Armenia told ArmInfo, during the year of 2009 GPM Gold mined 476 200 ton of ore and produced 944 369 gram of gold, which is equal to 30 362 troy ounces. Presently the Company is mining and processing, on average, 40 000 ton of ore monthly, which annually makes 30-40 000 troy ounces.
According to the message, realization of investment projects will provide GPM Gold (which is part of GeoProMining Group) a possibility to increase mining and processing volumes of Armenian gold ore three times during the coming years, from 45 000 ton to 150 000 thousand ton monthly. Presently the Company is conducting negotiations with planning organizations on construction and reconstruction of the existing plant. New concentration technologies will be installed.
During the current year, the Company will change its strategic plans at Sotk mine. The mine will be reconstructed, which will include underground mining. "Regardless of the fact that Sotk mine comprises
high-grade ore, it is a complex ore - stripping coefficient is high, the ore is hard and a multi-step processing system is required, which entails considerable investments, technological and structural
changes. Here it is required to install complex technologies. Those new technologies will pave the way for more effective extraction results. In the near future the researches on technological options will be finalized. The next stop will be design project preparation, for which it will be necessary to attract funds", the company message says.
Russian GeoProMining Group acquired 100% shares of Sterlite Gold Ltd. from Vedanta Resources International Company in September of 2007. Sterlite Gold was the sole owner of AGRC LLC. Presently AGRC is renamed GeoProMining Gold.
GeoProMining Group is an International private company with a portfolio of diversified metal resources, founded in 2001. Company specializes in mining and processing of metaliferous ores (copper, molybdenum, antimony, gold, silver). The GPM group of companies are engaged in metal mining in Russia, Armenia and Georgia. Company's main assets in Armenia are: Sotk gold mine, Ararat processing plant, Agarak Copper- Molybdenum Combine.
February 17, 2010