The Metal Prince Ltd. Corporation is a mining company from Armenia, registered on the island of Nevis. Through its joint-stock subsidiary companies, which are Akhtala Mountain Enrich Combinat, Sagamar and Molybdeni Ashkharh, it launched its activities in the Armenian mining sector in 2000.
Akhtala Mountain-Enrich Combinat CJSC, which has a 246-year-old history, faced difficult times during the 1980-90s. In 1988 the enterprise ceased its activities for 13 years, which had a negative impact on the natural development of the towns of Akhtala and Shamlugh and neighboring villages. Furthermore, as a result of the company’s resolution, the unemployment rates went up by stopping the whole region’s economic growth.
Foreign experts were contracted to research the viability of Akhtala Mountain Enrich Combinat. They concluded that the risk was primordially high, yet prospective. On March 1, 2000, an agreement was signed between Metal-Prince and the Akhtala Mountain Enrich Combinat. The plant resumed its operations a year later, after a seven-month reconstructive period. In October 2002, after two changes to Armenian legislation, Akhtala Mountain Enrich Combinat was privatized.
Structure
Metal-Prince is a 100 percent shareholder of three mining companies:
Through these companies the Corporation is engaged in exploitation of copper and poly-metallic mines, in the processing of ores, in the exportation of concentrates and in the implementation of geological prospecting.