YEREVAN. –  GeoProMining group of companies opened new gold processing plant at Armenia's Ararat gold-processing plant.

For the first time in the world  technology of extraction “Albion” by Australian company Xstrata  is introduced at a plant.

President Serzh Sargsyan, Minister of Transport of the Russian Federation, chairman of the Armenian-Russian intergovernmental commission Maxim Sokolov, Minister of Economy Karen Chshmarityan, acting Energy Minister Armen Movsisyan, Russian Ambassador to Armenia Ivan Volinkin and other officials were present at the ceremony.

“Albion” technology developed by Australian company Xstrata allows to increase the percentage of recovery of gold from refractory sulfide ore at Sotk mine.

GeoProMining President Roman Khudoliy told reporters that plant layout has been tested in Australia.

The new technology will increase the recovery of gold from concentrates from the current 50 thousand troy ounces per year to 120-130 thousand in 2015. Total investment in the project amounted to $140 million.

GeoProMining group includes Sotk gold mine (the largest in Armenia), Ararat Gold Recovery Company as well as Agarak copper- molybdenum deposit.