YEREVAN. Nov 29 (Interfax) – Switzerland’s Deno plans to invest approximately $8 million in Armenia’s Kapan copper mining complex.
In the first year to 18 months, the Swiss company will spend $1 million-$1.5 million on a financial and technical audit and exploration of the Shaumian polymetals deposit, Karen Chshmaritian, the Armenian minister of trade and economic development, told a press conference.
During the second phase, Deno will spend about $3 million up upgrades which should enable the complex to double output within three years. Another $4 million will go towards the construction of a gold and zinc concentrating mill.
Chshmaritian said Armenia and Deno signed a deal worth $3 million, which includes $1.25 million for the Kapan complex’s shares, $1 million to pay off electricity debts and $750,000 to pay off tax debts.
The Kapan complex has the capacity to produce 340,000 tonnes of copper concentrate annually. The complex process about 1 million tonnes of ore from the central deposit and 300,000 tonnes from the Shaumian deposit every year.
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