Friday, 21 September

Armenia Producing More Copper Despite Drop in International Price

Armenia produced 147,000 tons of copper ore in the first half of this year (up 54.2% over the same period in 2014) and 4,800 tons of blister (convertible) copper (down 3.7%), according to the country’s National Statistical Service.

The increase in copper ore production is linked to the December 2014 opening of the Teghout mine.

Despite the production rise, price declines on the international copper market negatively impact on the overall revenues for Armenia.

Copper prices started to plunge in May of this year after reaching a high of US$ 6,362 per ton. Today, the price of one ton is $5,029 on the London Metal Exchange.

Many analysts point to the slowdown in the Chinese economy as a prime reason for the drop in copper prices.

Armenia’s Customs Service has yet to publish copper export data for 2015.

Nevertheless, in terms of overall value, copper was the leading export of Armenia (20.5%).

Armenia exports three types of copper – concentrate, blister (convertible) copper and copper scrap.

In 2014, Armenia exported 185,000 of copper ore (US$236milion); 9,800 tons of blister copper ($71.1 million); and 1,900 tons of scrap ($3.6 million).

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