YEREVAN. - The Zangezur Copper and Molybdenum Combine overcomes the financial and economic crisis, Director General Maxim Hakobyan told journalists.

He pointed out that a $15 million government credit issued to the enterprise in 2009 helped it as well.

“The funds enabled us to complete a number of programs. Part of the funds was invested in the construction of a hydrometallurgical plant, which is nearing completion,” Hakobyan said. “We plan an increase of about 20% in the output.”

The enterprise has already made serious progress despite the fact that it was recently established. One of its achievements is complete processing of molybdenum concentrate produced in Armenia.

The Zangezur Copper and Molybdenum Combine and Armenian Molybdenum Production have about 1,000 employees.

As to environmental impact, Hakobyan, first denied it, however, later added that the impact is compensated for “hundred and even thousand-fold.”

The combine’s ore reserves are sufficient for the next 150 years. It produces copper and molybdenum concentrates. The molybdenum content in the molybdenum concentrate is 50%, the copper content in the copper concentrate being 15%.

The combine operates the copper and molybdenum field in Kajaran, the largest in the former Soviet Union. Its share in the world reserves is 6.8%. Armenia’s share I the world molybdenum reserves being 7.6%.