In the first quarter of 2016, Armenia maintained the proceeds of the copper concentrate export at the expense of the growth of ore extraction, reads the report of the Customs Service of the State Revenue Committee of Armenia (SRC).

In the first quarter of 2015, Armenia exported 143,000 tons of concentrate amounting to $158 mln, whereas in the analogous period of 2016 that figure rose to 185,000 tons amounting to $160 mln.

The increase of the ore production has to do with the drop in the global copper prices. Currently, 3-month copper futures are traded at a price of $4635 per ton in the London Metal Exchange (LME), whereas in September 2015 they were assessed slightly more than $5000.

If in the previous years Armenia exported the concentrate mainly to China, now it is again exported to Bulgaria, where the copper-smelting plant of German Aurubis concern is located. Nearly $77.9 mln has been exported to Bulgaria.

At the same time, the export to China amounted to $84 mln in the first quarter of 2015, the figure rising to already $24.5 in the analogous period in 2016.

Unlike 2015, part of the export began to be redirected to the country of destination via Georgia (the export in this direction totaled $47 mln during the reporting period).