Business | General
RAK firm acquires Armenian company
RAK Minerals and Metals Investments (RMMI) yesterday said it has acquired Armenian mining firm TSCC Armenia.
- Staff Report
- Published: 00:28 April 10, 2008
Dubai: RAK Minerals and Metals Investments (RMMI) yesterday said it has acquired Armenian mining firm TSCC Armenia.
The 100 per cent acquisition covers three mining complexes spread across two regions, North and South Armenia, and includes copper and other polymetallic minerals.
RMMI has earmarked $200 million over the next two years to fund the acquisition and set up a concentrate plant in the country.
Dr. Khater Massad, chief executive of RAK Investment Authority (Rakia) and chairman of RMMI, said: "Armenia is rich in natural resources and well located between the markets of Asia and Europe. RMMI's investment is the first of many opportunities for Rakia and Ras Al Khaimah, and we hope to extend this to include real estate, construction and similar ventures that support economic growth."
Details
As part of the deal, TSCC's mines in Armenia will now be operated under RMMI. These include two complexes in North Armenia in Karnut (135 square km) and Prevolnoye (37 square km), and in South Armenia in Larneshan (167 square km.).
All three semi-brownfield complexes are in close proximity to existing plants, and in geological analogy to operational mines in the area. The base metal profile is largely copper, with other polymetals associated with copper deposits including lead, zinc, molybdenum.
Within the complexes, some deposits have also been identified as auriferous. In the next two years, RMMI plans to build a concentrate plant in South Armenia's Larneshan region to process both copper and polymetallic ores into concentrates.
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