Strategic Partners
Strategic Partners
ACP
has a two-year supply contract with the
leading European copper smelter. We are cooperating with Norddeutsche Affinerie AG for a couple of years, but it has been 2002 that
we have managed to sign a direct sales contract with them. Though supply of
blister copper is the core of our cooperation with Norddeutsche Affinerie AG,
there are many other areas where mutual cooperation is developing. In
particular, we expect the collaboration to enhance significantly after the
reconstruction of our metallurgical facilities and establishment of sulphide
acid production, when we would be attempting to use NA's channels to supply
sulphide acid to the world markets.
Zangezour Copper Molybdenum
Combine Closed Joint Stock Company is the largest copper producer in
the region, and thus a strategic raw material supplier for ACP. Zangezour CMC cjsc is also amongst the top three companies in the world
with its molybdenum reserves. At the beginning of 2005 ACP has signed a new
supply contract with
Zangezour CMC cjsc for 2004.
The main bank
ACP is cooperating with for the past few years has been VTB, second largest
Russian bank having its subsidiaries, amongst many other countries, in Armenia
as well. Not only ACP and its affiliates in Armenia conduct the bulk of banking
transactions through
VTB Bank
(Armenia), but also our working capital financing needs are mostly covered
by VTB Bank
(France) SA. Most importantly, VTB is also financing the development of
Teghout copper-molybdenum deposit.
Strathcona Mineral Services Ltd
In conducting exploratory works at the deposits for which we have relevant
rights to, ACP has been relying mainly on the expertise of Strathcona
Mineral Services ltd (Canada), whom we have cooperated with to assess the reserves at
the
Teghout
deposit.
The result
of the work, concluded in 2001, was identification of the conditions at the
existence of which mining at the upper part of the deposit may become
economically feasible, as well as a parallel estimate of investment needs for
that purpose. A follow-up visit at the end of 2004 has resulted in a report
containing re-assessment of the potential of the deposit in light of the new
information available, as well as recommendations on the further work.