GeoProMining Company is planning to invest in modernization of ACMC CJSC additional resources. The volume of investments is not specified yet and the final sum will become known after reconstruction of the processing plant, which, according to plans will finish within a two year period.

Recently global prices for copper and molybdenum have started to increase, which have increased the income of the company, as well as its attractiveness for investments. Investments include also the RA Government loan of $14 million, lent in 2009. Let’s remind that on June 26 the RA Government made a decision to grant a budget loan to ACMC CJSC of $14 million, for 4 year period. The Government loan was granted to ACMC for investment project, which include procurement of machinery and reconstruction of the plant. Part of the loan amounts was used for purchase of mining machinery, which have already been delivered and set in operation. Particularly, 5 BelAz mine dump-trucks of 55 ton carrying capacity, the press release reads.

Total loan amount, received in September of the last year will be used in 2010. Since December 2009 the Company started payment of interests.

For 6 monts of 2009 ’’ACMC’’ CJSC processed around 1.3 million ton ore, which is more for 5% as compared to the 6 monts of 2008 results. As anticipated, during this year mining and processing volumes will increase up to 3-3.5 million ton.