YEREVAN, FEBRUARY 7, ARMENPRESS: Owners of Armenia’s largest Zangezour metallurgical plant in the southern province of Syunik said they would invest 20 billion Armenian drams this year in its modernization to increase production volume by 5 to 10 percent.
Zangezour’s commercial manager Artsrun Avetisian said last year the plant produced 87 billion drams worth products, a growth of 12 billion drams over the previous year. Last year around $20 million were invested in the plant. The complex, located near the south-eastern town of Kajaran, comprises mines and an ore-enrichment plant, was sold in 2004 to a German-led consortium of private investors at $132 million.
Germany’s Chronimet firm owns 60 percent of the complex and control another 15 percent through the Yerevan-based smelter Makur Yerkat where it holds a controlling share. The two other shareholders, each holding 12.5 percent, are local firms- the Armenian Molybdenum Production and the Zangezour Mining.
Under the takeover agreement the new owners will have to invest $150 million in modernizing the plant within the next four years. The investments are expected to create 1,500 new jobs at the plant which currently employs more than 3,000 people.
The plant exports pure molybdenum to international markets. Chronimet is part of the German ELG Haniel group which specializes in recycling and selling raw materials for the stainless steel industry. The group is present in 15 countries.
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