Molybdenum News Center

Armenian Molybdenum Production produced last year 2,840 tons of ferromolybdenum

March 26, Armenian Molybdenum Production company produced last year 2,840 tons of ferromolybdenum worth 20.11 billion drams, by 12.7 tons more than in 2011. The entire output was sold to Europe, the government press office said today, adding that prime minister Tigran Sargsyan visited the plant, which processes copper concentrate produced by Zangezur Copper and Molybdenum Combine in the southern region of Syunik.

Tigran Sargsyan  was told that in January and February 2013 production of ferromolybdenum rose to 520 tons, up from 340 tons produced in the first two months of 2012. In terms of money, this amounted to 3.55 billion drams, up from 2.6 billion drams from a year earlier.

‘Despite a significant increase in physical production, the productivity growth rate in terms of money has slowed due to  slow but steady decline in prices of ferromolybdenum  at global markets. Thus, if in January 2013 the price of 1 ton of molybdenum was $29,100,  on February 20 it  dropped to $27,800,’ the government press office said.

To secure growth in the current year, the company is going to process hazardous waste, not used before, to get additional volumes of ferromolybdenum, the government said.

In 2008 the company launched production of ammonium perrhenate (rhenium content is 69.4%). Currently, the company employs about 500 people with average monthly salary of 208,400 drams.

In the latest list of Armenia’s largest corporate taxpayers the Armenian Molybdenum Production was on the  155 position  having paid  602.7 million drams in various taxes. ($ 1- 418.02drams).

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