Maxim Hakobyan, Director of the Zangezour Copper-Molybdenum Processing Plant, reported that the government of Armenia intends to loan the company $10 million in order to expand operations and open up new jobs for area residents. The company signed a contract with the government when it went private four years ago to develop the mining sector. A four year program was started during which 400 jobs were created and production levels rose by 50%. Director Hakobyan stated at a press conference at the "Novosti" international center that the new government loan would be plowed into the second half of the program dealing with expanding the plant and its production and maintaining current employment numbers and existing wages. When asked by "Hetq" if the credit amount would be sufficient to implement the above aims, Director Hakobyan stated, "We are carrying out large scale construction work. During tha last four years the firm has invested some $300 million but to finalize these activities another $40-$50 million is needed. We've paid back 70-80% of this and the amount of the government loan is enough to make up the remaining 20%" "Mr. Hakobyan said the plant can survive on its own but that the government's decision will assist in safeguarding the jobs of the 2,000 workers presently employed. He noted that the average salary at the plant is 215,000 drams. When one of the assembled reporters responded to this claim by stating that he had come from Syunik and was told that salaries had been cut by 30%, Mr. Hakobyan shot back, "If you can find anyone who verify this I'll raise his salary by 300%."