Metal Prince to pump USD 26 million into Armenian concentrating plant
Friday, 09 Oct 2009
Interfax reported that the Russian Armenian firm Metal Prince plans to invest up to USD 26 million in the construction of a concentrating plant close to the Armaninsky polymetallic ore field in the Lori region of Armenia.
The plant which will be capable of processing 500,000 tonnes of ore per year should be commissioned in September 2010.
The Armaninsky field is close to the city of Stepanavan, 100 kilometers from Metal Prince's Akhtal mining and beneficiation plant and is intended to complement capacity there.
The Akhtal complex was set up in 1992 from the assets of the Alaverdi mining complex which was disbanded under pressure from environmentalists in 1989. Metal Prince bought all of the shares from the Armenian government for USD 1.7 million when it was privatized in 2002. It has invested USD 7 million since 2007 raising throughput from 250 tonnes to 1,000 tonnes of ore per month.
Metal Prince also operates the Shamluk copper field in the Lori region. Armenia owns 20% of Metal Prince and VSS, set up by Russia's Neva Rus unvestment fund own 80%.
