GeoProMining announces a new phase of development of  Sotk mine

ArmInfo.“GeoProMining” - a diversified international group of companies (GPM, or the Company) continues investing in technical re-equipment of Sotk mine, operated by its affiliated company “GeoProMining Gold”.

The program of technical re-equipment of the Sotk mine is aimed at increasing the mine’s productivity. The program assumes a systematic approach to the development of the mine, respectively, a capital investment of $ 5 million USD, and an increase of work places up to 135 people. The company plans to complete the recruitment of the new employees by the end of the first quarter of 2018.

At present, within the framework of the program the company is acquiring mine equipment. In particular, until the end of January 2018, 27 units of heavy equipment will be put into operation: dump trucks with a capacity of 60 tons, drilling rigs, excavators, loaders and bulldozers.

"Modernization of the Sotk mine is the continuation of the development policy of GeoProMining's activities in Armenia. The accumulated experience of the Company in Armenia and beyond it allows us to confidently and consistently implement our programs aimed at development of the Armenian economy, ensuring the social well-being of its citizens and the interests of our Company. I believe that in Armenia we are able to effectively use our resources for the benefit of all interested parties” said Roman Khudoliy, the President of the GeoProMining.

The company "GPM Gold" is part of the international group of companies GeoProMining. During 2007-2017 years the Ararat gold recovery plant and the Sotk mine were completely modernized. Since 2008, in the development of Sotk mine the Company invested about $ 53 million USD. Currently, the company GPM Gold employs 1103 people, of which 631 at the Sotk mine, 423 at the Ararat gold recovery plant. On the whole, during the 10 years of its presence in Armenia GeoProMining’s investments exceeded 505 million USD.