Zangezur Copper and Molybdenum Combine Increases Production

Zangezur Copper and Molybdenum Combine (ZCMC), Kajaran, Armenia, of which Cronimet Mining GmbH, part of the Germany-based Cronimet Group, is the principal shareholder, performed well in the financial year 2007, according to Cronimet.   

Ore processing increased by 5.1 percent to 10.1 million tons in 2007 compared to the previous year. The production of molybdenum concentrate rose by 4.3 percent to 8,160 tons with the continuous modernization of the processing plant.

The resolved investments totaling $60 million were implemented according to plan in 2007 in close cooperation between Cronimet and ZCMC. The bulk of the investment was directed at modernizing the mining and processing plants.

The Armenian commitment of the Cronimet Group is an important factor for the economic upturn in the Republic of Armenia, according to the company. “This positive trend will give a further boost to Armenia’s gross domestic product contribution. New jobs have also been created on a large scale amongst sub-contractors due to this positive trend,” Cronimet states in a press release.  

Zangezur Copper and Molybdenum Combine plans to increase ore processing by 18 percent to 12 million tons in 2008.