Project Name: Sagamar CJSC

Location: Armanis, Stepanavan, Lori Region, Armenia

Mine Type: Polymetallic Mine (Open Pit), Processing Plant

Capacity: up to 1mln tones

Project Type: Greenfield


Armanis Gold Poly Metallic deposit is the first successfully implemented Greenfield project in Armenia, since 1991. It is important to note that this project was the pioneer in applying the “dry tail technology” in Armenia. The project planning and implementation lasted 18 months. The first consignment of copper concentrate was shipped after four months of the official opening ceremony. The project was entirely executed in-house, in a remote are without any infrastructure.


  • 30,000 m² of construction area.

  • World class facilities (25 buildings), including: (Administrative complexes, state of the art laboratories, hotel, ambulatories, gas stations, mechanical workshops, cafeterias, dedicated library and complex suited for special needs of geologist and surveyors, sanitary and hygienic complexes, OHS&E training facilities, designated warehouses, etc.).

  • Onsite workshops for manufacturing furniture, aluminum doors and windows, roofs, building materials, concrete, steel fixtures, uniforms and big bags for concentrate.

  • 6.5 km of asphalt roads.

  • 8.5 km of water pipelines.

  • 3.7 km of High Voltage lines with two canyon crossings.

  • Integration of Automated Process Control System.






Project Name: Akhtala Mountain-Enrich Combinat
CJSC/ Metal Prince LTD

Location: Akhtala, Lori Region, Armenia

Mine Type: Copper (Underground Open Pit), Processing Plant

Capacity: up to 1mln tones

Project Type: Brownfield


Management of the project for reconstruction of dismantled and abandoned (since 1988) Akhtala’s Ore Processing Plant in a final stage of joint activity between Government of RA and Metal Prince Inc. The implementation of the project was complicated due to the absence of normative and legislative framework of Tax Law to regulate the schemes of joint financial management. In a result of excellent and professional approach, the processing plant of Akhtala privatized under “special regime” in the form of separate legal entity. This case was an unprecedented in the modern history of Armenia. It is worth to mention that this act is still valid and operates alongside with other laws and regulations.


  • Production optimization during complicated transactional (privatization) period.

  • Implementation and Confirmation of Privatization case and re structuration of company’s debts

  • Staff reduction for 30%, which led to productivity and efficiency increase.

  • A fundamental change of submissions of schemes of exploration in the underground pit and geological conditions of occurrence of ore bodies with engagement of new and earlier unreported ore bodies.

  • Via special methods implementation of exploitation of new open pit on underground cavities of earlier developments, leading to safe exploration of pit for about eight years without any techno-genic incidents.

  • Turned an unfitted and dismantled venture onto optimized and high profitable company. (Included in the list of major taxpayers).