German co. to pump $20-$25 mln into Armenian metals plant

Yerevan. (Interfax) – Germany’s Cronimet intends to invest $20 million-$25 million in the Pure Iron works in Yerevan, which processes molybdenum concentrate.

The money should reach the plant in 2005-2006, in accordance with an investment program, Genrik Karapetian, the plant’s director, told Interfax.

Most of the money will be spent making the plant more environmentally friendly, introducing new technology and putting new products on line, Karapetian said.

The Pure Iron works currently produces pure molybdenum but eventually plans to make metal plates and special alloys, he said.