Armenian scientists’ new technology of magnesium production waits for investors

YEREVAN, APRIL 5, ARMENPRESS. Armenian scientists have developed “New technology for magnesium production” program which offers one of the effective methods of magnesium production that is unique worldwide.

Vahagn Lalayan – Head of Investment Policy Department at the Ministry of Economic Development and Investments, told Armenpress the investment program was developed by Ekatom company.

“The company wants to establish a plant that will produce 1000 tons of magnesium annually. I think 1000 tons is a lot. There are few places in the world that produce magnesium. The technology presented by Armenian scientists also proposes new solutions in the field. There are a number of various methods for producing magnesium, however, the method proposed by our scientists is the most effective. According to their calculations, this program can be quite profitable. The total cost of investment program is 6 million USD, and the profitability is 18% annually, which, I think, is a good figure”, Vahagn Lalayan said.

The program is presented in the investment platform of the Ministry of Economic Development and Investments and waits for investors. He said many are interested in the program. Even previously many were interested in the program, however, it hasn’t been implemented for some reasons. Lalayan said problems are mainly technical that emerged between the private companies. But the circle of interested bodies is wide, although they are mainly foreign companies or individuals. Lalayan said the companies, that understand the field, perceive that this is a unique field. “Not all investors will be interested in the program, one needs to understand it a little”, he said.