Papikyan: Armenia will build copper smelter and new nuclear power plant

YEREVAN, November 18. /ARKA/. The Armenian authorities are determined to build a copper smelter in the southern province of Syunik which hosts the Zangezur copper and molybdenum combine and also a new nuclear power plant, former Deputy Prime Minister Suren Papikyan, who was in charge of the energy sector, told the parliament on Wednesday.

Earlier this week Papikyan was appointed as defense minister.

The cost of the smelter is estimated at $2 billion. In September the Russian Geopromining company acquired 60% of the Zangezur combine and donated 25% of the shares (%15% of the equity of the combine) to the Armenian government

Papikyan said on Wednesday that the government wants to replace the export of copper concentrate with copper alloys.

In his words, work is also underway with Russian state atomic corporation Rosatom both to extend the life of the Armenian nuclear power plant and to build a new nuclear power plant.

The Zangezur Copper-Molybdenum Combine is one of the largest companies in Armenia, which topped for years the list of Armenia’s 1000 largest corporate taxpayers.

The combine is located in the town of Kajaran, developing the Kajaran copper-molybdenum deposit. According to experts, there is enough copper ore for the combine to develop the deposit for another 150 years. -0-