Newsfeed

Converse Bank announces second launch of "Team of the Future" program in 2014

VivaCell-MTS supported MES in the creation of backup server center for the Government of RA

Azerbaijan panic-stricken by Lithuania-Artsakh Parliamentary Friendship Group's visit to Artsakh

Political expert: California Senate-adopted Resolution - AJR 32 demonstrates Armenian lobby's muscle

Doubled data and off-net minute inclusions for Orange Panther customers

Hakob Injighulyan's brother refutes information that Hakob is currently in Romania

VTB Bank (Armenia) takes the lead in brand awareness among Armenia's banks

Beeline Regular and Premium unlimited mobile internet services become available for postpaid subscribers

Despite protests of environmentalists, Mego Gold Company gets permission to launch construction of third Tukhmanuk tailing dump

The 6th Pan-Armenian Barbeque Festival will be held in Akhtala on 6 September

Artak Zakaryan: Turkey's efforts cannot help resolve Karabakh conflict

Davutoglu says Ankara will do everything to end "occupation of Azerbaijani territories and Nagorno Karabakh"

President Bako Sahakyan addresses people on occasion of the Day of the Artsakh Republic

Armenian Center of Culture and Education in Israel to organize action demanding recognition and condemnation of Armenian Genocide

Armenia verifying reliability of the reports on an Armenian civilian's crossing the border with Azerbaijan

President of Armenia: Artsakh's independence - irreversible reality now

Nalbanian cannot say when Erdgoan will accept Serzh Sargsyan's invitation

Rostelecom announces new reduced tariffs starting 1 Sept 2014

VTB Bank (Armenia) funds repair and equipment of math classroom at secondary school No.21

Tickets of "Armenia" train running Yerevan-Batumi-Yerevan become cheaper

All outgoing calls to Beeline fixed-line network to cost 5 AMD per minute starting from 1 Sept 2014

Hakob Injighulyan is currently in Romania

Prime Minister of Georgia: Kazbegi Checkpoint on Georgian-Russian border will operate in limited emergency regime

Ilham Aliyev speaks of foreign forces' attempts to destabilize the political atmosphere in Azerbaijan

Armenian citizens' visa-free stay in Georgia to last 90 days within half a year

March of Peace, Unity and Solidarity in Yerevan

U.S. Embassy in Baku offers excuses: California Senate's decision does not represent national foreign policy

Eduard Sharmazanov: Robert Kocharyan said nothing new

A Radisson Hotel may open in Armenia

Armenia institutes a criminal case suggesting international terrorism over Azerbaijan's fire attacks on Armenian borderline villages

VTB Bank (Armenia) presents gifts to children of Full Life NGO's Inclusive Summer Camp

Azerbaijan transfers Hakob Injighulyan to a third country

Armenian analyst considers Edward Nalbandian's participation in Turkish president's swearing-in ceremony to be a diplomatic mistake

Union of Banks of Armenia hosts discussions on development problems of Armenia's financial and banking sector

Volunteers from the Diaspora visit VivaCell-MTS headquarters

Robert Kocharyan is not optimistic about prospects of final settlement of Karabakh conflict

Edward Nalbandian invites Erdogan to visit Armenia on 24 April 2015

Robert Kocharyan: The regime able to forget personal interests is doomed to success

Beeline cuts down tariffs for fixed-line telephony services

Expert: California Senate-adopted Resolution - AJR 32 is a response to Baku's blackmailing policy

Robert Kocharyan: It would be wrong thinking that Armenia's economy may gain from sanctions against Russia

Armenian President visits Teghut copper and molybdenum mine

  • Saturday, April 19, 17:11

President of Armenia Serzh Sargsyan visited the Teghut copper and molybdenum mine in the framework of his visit to Lori region on Saturday.

President of Vallex Group Valery Mejlumyan told journalists that the mine will be launched by the end of this year. At the initial stage, the operator company, Teghut CJSC, will extract some 7mln tons of ore. During the first 14 years, the average output will be 63 tons of 32% copper concentrate and 960 tons of 50% molybdenum concentrate.

At the initial stage Teghut will receive $350mln in investments.  Instead it will produce copper and molybdenum concentrates worth a total of $200mln a year.
Mejlumyan pointed out that during the first six months the company will undergo ISO 14000 and OHSAS 18001 certifications. 

He said that Teghut also has a project to plant 714 h of woods instead of 375 h to be cut for the mine. "The company also gives top priority to protecting the cultural-historical monuments situated in the nearby areas," Mejlumyan said.

The company has an agreement with the Archeology and Ethnography Institute of the National Academy of Sciences of Armenia allowing the latter to carry out excavations and other studies in the territory of the mine and to control the evaluation and protection of possible finds.

A recent archeological expedition in Teghut has discovered several ancient monuments dating back to the Bronze Age. The archeologists have also found a medieval village with a melting house, which means that the mine was already used in the Middle Age.

Teghut CJSC was set up on May 22 2006 by Vallex Group. 100% of its shares belong to Teghut Investments Limited, a Cyprus-based company whose sole owner is Valery Mejlumyan's Armenian Copper Programme. Teghut is the second biggest cooper and molybdenum mine in Syunik after Kajaran. As of 1991 its approved reserves totaled 450mln tons, including 1.6mln tons of 0.355% copper and 99,000 tons of 0.022% molybdenum. The program to develop the mine was approved by the Armenian Government in Nov 2007.

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields