YEREVAN. – Mining business in Armenia will suffer from increased cost of electricity, economist Gagik Makaryan said.

The mines and combines cannot increase the price for their products – ore concentrate and blister copper – as the prices are set at international stock exchanges.

“Therefore, the reduction in income is inevitable,” said Makaryan, head of Armenian employers’ union.

Despite numerous protests, the PSRC of Armenia recently increased the price of electricity in the country by 6.93 drams per cubic meter. But the decision is expected to be followed by an increase in the prices of numerous products and services in the country.

Deloitte consulting company (UK) will conduct studies at the Electric Networks of Armenia (ENA) CJSC, and provide respective advisory services.