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groong: Ararat gold co reduces production 44% in 2003

Interfax

Feb 8 2004

Yerevan. (Interfax) – Ararat Gold Recovery Company (AGRC), which is
owned by India’s Sterlite Industries Limited, reduced gold output in
Armenia 44% from 3.2 tonnes in 2002 to 1.8 tonnes in 2003, Vardan
Vardanian, AGRC’s director, said.

AGRC ran out of tailings, which it has been recycling at the Ararat
gold recovery plant since 1996. Vardanian said that during the latter
half of the year the company concentrated instead on stripping the
Zod gold lode, which it will start mining at the end of February or
early March. Production can therefore be expected to rise this year,
he said.

AGRC also reduced silver production, from 5.5 tonnes to 4 tonnes, in
2003.

Vardanian said Sterlite Industries pumped $7 million into AGRC in
2003 and a further $500,000 in January this year.

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