GeoProMining’s Agarak copper-molybdenum mine complex in Armenia has completed construction and equipping of a new flotation facility and has updated its vehicle fleet. These measures are part of GPM’s investment program for upgrading and technological enhancement of the Agarak complex.

The new facility is equipped with flotation machines of European manufacture that will increase processing volumes by 700,000 t and ore recovery by 3-5%. Nineteen new vehicles were also acquired during an upgrade of the plant’s fleet.

The upgrades have already created additional jobs, with 45 new employees being taken on following the acquisition of new equipment and completion of work on the processing facility.

GPM President Roman Khudoliy said: “GeoProMining is committed to upgrading its facilities to increase both production volumes and efficiency. We are very grateful to the Armenian Government for its support for the Agarak complex during the crisis year of 2009. Since then, GeoProMining has invested $30 million in developing the Agarak complex, with most investments allocated to construction and equipment of the new processing facility.

“GeoProMining is also mindful of the wellbeing of local communities in regions where it has a presence. In 2011 alone, the company allocated about $300,000 to social and charity projects in Megri region, and we are committed to continue our development as a socially responsible company.”

Armenian President Serzh Sargsyan visited the mine on April 16 during a working visit to Syunik Province.  He was personally briefed on the company’s development strategy and participated in the opening ceremony for the complex’s expanded and modernised flotation facility. Following an in-depth tour of the plant, the President also visited the Culture Centre in the town of Agarak, which has been renovated with support from the Agarak Complex as part of its social responsibility program. 

The Agarak Complex is of particular interest to the Armenian authorities, as the Government in 2009 granted a loan to the facility’s new owner, GeoProMining, to help in restarting production during the crisis. The company brought in international expertise to carry out the work: Mekhanobr Engineering conducted a feasibility study for the reconstruction, and high-tech modern design solutions were used during the modernisation. The Agarak Complex reported a profit as early as 2010, and in 2011 grew both its operating and financial results.