A proposed 2-year revolving working capital facility to enable Armenian Copper Programme to fully utilise the current production capacity of its copper smelter in Alaverdi, Armenia.
The project will assist Armenian Copper Programme in stabilising production levels through the provision of working capital, thereby improving the efficiency of the production process. Enhanced profitability will enable the company to introduce environmental improvements.
The project would provide support for the growth and restructuring of an export-oriented Armenian corporate, which operates in the poorer northern part of the country. The project requires the company to introduce environmental improvements and to apply principles of good corporate governance.
Armenian Copper Programme is a closed joint-stock company incorporated in Armenia. Armenian Copper Programme produces blister copper from copper concentrate and operates a small copper mine to supplement its external supplies of copper concentrate.
Loan of US$ 3 million (€3.1 million).
US$ 3 million (€3.1 million).
The project has been screened C /1, requiring an environmental audit which has been carried out by international consultants.
The audit provided recommendations for an Environmental Action Plan (EAP) which would include short-term, low cost remediation measures, and a medium to longer-term higher cost modernisation programme. The EAP has been reviewed by ACP and the short-term EAP agreed in principle. The implementation of the short-term EAP will allow to address only high priority issues, such as dust emission and effluent discharge control. However, it will not bring the facilities fully into compliance with international good practice, WB and EU environmental, health and safety standards. This can only be achieved through the implementation of a long-term modernisation programme, currently at an initial stage of development, and which will be further developed under the planned working capital facility.
The environmental audit of the current operations of the client was financed by TC funds made available by the Canadian government. The cost of €25,000 will be reimbursed by the client at the first disbursement of the working capital facility.
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Text of the PIP