The impact of the global economic crisis is also being felt by Base Metals Ltd., a company with about 1,000 employees that is the only one of it kind engaged in mining operations in Karabakh and one of the country’s largest private firms. During an exclusive interview with Hetq, Base Metal’s Executive Director Artur Mkrtumyan stated that one of the first impacts of the crisis was on the precious metals market and that copper was the first to be hit. Mr. Mkrtumyan noted, “Naturally, given that a significant portion of Base Metal’s production output is based on copper, the most negative aspects of the crisis directly impacted our company’s operations. In the blink of an eye, the market price for the metal fell by 50%. We had been making certain expenditures on a monthly basis and manufacturing our product with the expectation we’d realize a corresponding profit, but now we are confronted with the reality that our profit levels have been cut in half. As a result, the company has been directly plunged into the red and we’re operating at a loss.” He went on to say that, “Every month the firm is being hit with losses of around $1.5 million.”Taking into account that one of the essential problems facing any company isn’t only to operate in favorable market conditions but also to withstand crises and come out in one piece, Base Metal’s Executive Director stated that serious steps are being taken designed to cut certain expenditures. For the present, cuts in personnel and wages are neither being discussed or in the pipeline. Mr. Mkrtumyan stated, “Taking into account the significance of Base Metals in the NKR, not only from a purely business point of view, but also on a social and, why not, on a political level, we have decided not to take that step for the present. We hope that the recent momentous political developments on the global level will lead to an amelioration of sorts to the situation. This means that at least the company will move away from a zero profit threshold, which wouldn’t be bad. In other words, the owners wouldn’t be making a profit but that the company itself would be able to cover its costs, resulting in revenues going into the coffers of the Karabakh government.” Despite the fact that the crisis continues and the company is operating at a loss, Base Metals continues operating at the highest of production levels. Product is still exported at pre-crisis quantities. Mr. Mkrtumyan affirms that nothing has changed in the firm’s operations except for the prices. Anahit Danielyan