Tuesday, 26 March 2013
PM Introduced To Manufacturer’s Activities, Development Programs
Prime Minister Tigran Sargsyan visited Armenian Molybdenum Production Ltd in Yerevan, which is engaged in the processing of Zangezur Copper and Molybdenum-produced molybdenum concentrates. The Prime Minister toured the factory, getting acquainted with the production processes, investments and upcoming projects.
The Company was said to have produced 2840 tons of ferromolybdenum in 2012 to a total cost of AMD20.11 billion or 12.7% over the figure of 2011. The whole amount of the output was realized on the European market.
520 tons of ferromolybdenum was produced in January-February, 2013 against 340 tons manufactured in the same period of 2012, providing a 52.9% increase in the level of output, which in monetary terms makes AMD3.55 billion as compared to last year’s 2.6 billion drams.
Despite the stated drastic rise in the physical amount of the output, the growth slowed down in monetary terms mainly due to a gradual decline in ferromolybdenum prices on the international marketplace. For instance, while in January, 2013 1 ton of ferromolybdenum was quoted at USD29.1 thousand, it fell to USD27.8 thousand as of February 20.
To re-boost growth this year, the Company reorganized its activities with a view to recycling hazardous waste (previously unused waste) and getting additional quantity of ferromolybdenum. Last year the Government decided to grant a hazardous waste recycling, clearance, storage, transportation and installation license to Armenian Molybdenum Production Ltd. New equipment and production facilities are being mastered, including the launch of a secondary raw material-processing capacity. The Company employs some 500 people with an AMD208.4 thousand average monthly pay.
Armenian Molybdenum Production Ltd ranks 155 on the list of major taxpayers with a 602.7 million dram annual contribution to the treasury.
