Businessman Roman Trotsenko is raising his ownership in the mining business and can boost the stake Geopromining metals company to 98.51% by acquiring a stake from the current controlling shareholder Siman Povaryonkin. According to the Federal Antimonopoly Service, Cyprus-based Nakilep Overseas Limited controlled by Trotsenko has asked the agency to allow it to buy a…
South Caucasus Railroad CEO Sergey Valko and GeoProMining president Roman Khuoliy have signed an agreement of cooperation to transport gold-bearing ore from the Sotskoye deposit to the Ararat gold-extracting factory in 2020. This year it is planned to transport 1.5 million tons of ore en route Zod-Ararat, up by 15% YoY. Next year the transportation…
The South-Caucasus Railroad and GPMGold have signed an agreement to organize gold-bearing ore transportation from the Sotskoye deposit to Ararat Gold-Extracting Factory. According to the document, the volume of ore to be transported over 269 km is 1.5 million tons, up by 10% YoY. Last year 1.18 million tons of ore were transported. Since 2008…
The Geopromining project to construct a factory to process silver-polymetallic ore at the Verkhne-Menkeche deposits in the Republic of Sakha (Yakutia) has been approved. The capacity of the factory will be 300 thousand tons. At present the ore from the deposit is processed at the Serebro Magadana (Polymetal). The reserves of the deposit are 1200…
Over 10 years GeoProMining has invested some $504 million in Armenia. The group deals in gold, copper, molybdenum and antimony concentrate manufacture. Its main assets in Armenia are GPM Gold, operating at the Sotsky gold mine and Ararat gold-extracting factory, as well as Agarak Copper-Molybdenum Works (AMMK). Capital expenses on AMMK modernization totaled $30 million.…