ArmInfo
GeoProMining company's programme on technical reequipment of the gold ore mining and processing in Armenia is worth \$ 200 million, President of GeoProMining Group of Companies Roman Khudoliy told journalists.
According to him, implementation of "Albion" innovative technology at Ararat Gold Recovery Plant will cost about \$ 45 mln. The technology offers a new solution for processing of refractory sulphide ores with maximum metal extraction. GPM Gold signed contracts with Core Resources and Xstrata Technology companies for designing and implementation of the "Albion" technology in conditions of the Ararat Gold Recovery Plant.
"Investments will also be made in increasing the quarries and their design. Currently we start preparing a banking feasibility study on the programme. We schedule to complete the whole design work in 2011 and start the project implementation in the 4th quarter. Mining business is very inertial, and if we start investing money now, we shall "scroll" the year 2012", Khudoliy said. According to him, implementation of new technologies will allow to increase the annual mining volume from 25 to 150 thsd ounces.
According to GPM Gold Company Director General Vladimir Kozlov, about \$ 9 mln have already been invested in equipment at the Sotk gold field since early 2010. "We shall invest another one and half million in the infrastructure till late 2010, including construction of a new shop for repair of 130-ton dump trucks. It is scheduled to acquire another fork lifter and a tire repair equipment for repair of giant tires", he said. In 2010, the Company has already acquired and put into operation 10 mine dump trucks "Belaz" with load-carrying capacity of 45 tons, as well as bulldozers, a loading machine and a drill rig. An excavator Terex RH-90C was also supplied to the deposit in July. According to him, it is scheduled to complete reequipment of production during 3 - 3,5 years.
GeoProMining GC is engaged in metal mining in Russia, Armenia and Georgia. The Company's fixed assets in Armenia are GPM Gold Company which exploits the Sotk gold field, Ararat Gold Recovery Plant and Agarak Copper and Molybdenum Combine.
GeoProMining Group of companies will provide 108 mln drams for reconstruction of the Culture Center in the town of Vardenis of Armenia's Gegharkunik region. Total cost of the reconstruction, scheduled for 2010 - 2012, will make up 320 mln drams. Reconstruction will be carried out within the frames of the Protocol on strategic cooperation in social development of Gegharkunik region. The Protocol was signed by President of GeoProMining LTD Roman Khudoliy, Executive Director of the Armenian Social Investment Fund Ashot Kirakosyan and Governor of Gegharkunik Nver Poghosyan.
September 10, 2010