GeoProMining Executive Vice-President Roman Khudoley refuted all rumors that the company would be closing its Agarak Copper-Molyebdenum Combine plant in Agarak during the visit to the area by Armenian Energy Minister Armen Movsissyan.

Mr. Khudoley stated that, "There is no outstanding issue regarding GPM halting operations. Renovation work is being carried out now and the administrative and production structures are being remodeled to correspond to the new set of conditions we face. These changes will be completed in the next 3-4 months, after which the plant will employ 900 workers. During the period of economic crisis the plant's owners have invested some $12 million to support operations and to pay for salaries and close other debts. He then thanked the RoA government for the assistance it has provided to the plant. Presently some 370 individuals are employed at the Agarak Combine. 430 are on paid vacation and 87 on unpaid leave. Not having paid its utility bills, electricity had been cut off at the plant since February. Due to The agreement reached with the Armenian Minister of Energy, power to the plant has been switched back on and the 107 million dram electricity bill will be paid off in the next three months.