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For 6 month of 2009, "Agarak Copper Molybdenum Combine" CJSC increased processing volumes having a goal to bring the number up to 3-3.5 million ton by the end of the current year.
In 2009 "Agarak Copper Molybdenum Combine" CJSC processed around 1.3 million ton of ore, which is more for 5% as compared for 6 months of 2008 results. Under the forecast, the volumes of ore mining and processing will increase up to 3-3.5 million ton in the current year.
In 2009 the Company produced about 248 ton molybdenum concentrate and 13.500 ton copper concentrate. In February of 2009, because of the impact of global economic crisis the Company stopped its production activities and resumed its full scale operation starting from June 30. Since the end of 2008 ACMC's operation became instable and starting from the month of October it started to accumulate losses, which were covered at the expense of investments of the shareholders. From the moment of stoppage of the Company 500 employees out of 900 continued renovation-recovery works and received full salaries, and 400 employees were on downtime vacation, and received 2/3 of their salaries. After the Company restarted it operation all the employees were reinstated, the press release reads.
GeoProMining Group obtained the shares of Agarak Copper Molybdenum Combine in December of 2007. GeoPromining specializes in mining and processing of metaliferous ores (copper, molybdenum, antimony) and precious metals (gold, silver). The Group has a diversified production structure and markets. Deposits and processing plants of the Group are in Russia, Armenia, Georgia and Vietnam.