International metal mining holding GeoProMining will invest $71,000,000 to increase copper processing in Armenia. GeoProMining owns three assets in two countries - Russia and Armenia․ Strategic investment in technology and application of proprietary know-how has enabled the company to increase efficiency and dramatically improve production processes, which in turn has led to the realization of the potential of their assets located in Russia and Armenia.

This year, GeoProMining intends to invest more than $65 million in the modernization of the Zangezur Copper Molybdenum Combine, where GeoProMining is the managing company. It is planned to increase the processing of copper-molybdenum from 17.6 million tons in 2021 to 22 million tons in 2022, which is 25% higher than the actual Indicators of the previous year.

The total investment in the Agarak Copper-Molybdenum Combine in 2022 will amount to more than $6.1 million. Investments are aimed at updating the fleet of flotation machines, as well as updating other fixed assets, which will lead to an increase in metal production.

Also, according to the National Statistical Committee of Armenia, the volume of industrial production in Armenia in January-February 2022 amounted to 365.2 million drams (at current prices), increasing by 9.7% compared to the same period in 2021.