Newsfeed

Russian ambassador about pressure on Armenia: It is impossible to achieve the necessary result by exerting pressure on either of the parties

Eduard Sharmazanov: Baku's statements that Armenia produces nuclear weapons are insanity

Heritage: New Electoral Code fails to enhance public confidence in electoral processes

Eduard Sharmazanov: Samvel Babayan has the right to conduct any activities within the limits of the law

Seyran Ohanyan on Samvel Babayan's return: His heroic deeds are not forgotten

ACBA-Credit Agricole Bank launches ACBA Ticket free mobile app aimed at ensuring efficient customer service at branches

Yerevan hosts an exhibition of German artist Stefan Schwarzer's paintings

Deputy Minister: Modern cancer center to open in Armenia by late 2016

Armenian Ombudsman informs CoE Commissioner for Human Rights of atrocities committed by Azerbaijani Armed Forces

Fuel Company of Rosatom TVEL and Global Nuclear Fuel Sign Agreement to License and Supply TVS-K Fuel in U.S.

President Sargsyan and Head of "Russian Railways" discussed modernization of Armenian railway infrastructure

Baku to "blacklist" Bulgarian lawmakers for visiting Nagorno-Karabakh

Optimization goes full speed: Armenian government refused 30 cars over week

Edward Nalbandian: Armenia-Artsakh agreement on mutual military support is being elaborated

Nalbandian responds to Switalski

Samvel Babayan: I am back to Artsakh and it is for the people to decide the rest

NKR Defense Army soldier killed

Komatsu mining equipment presented at Teghout

Situation on Armenian-Azerbaijani border was mostly peaceful overnight

Azerbaijani armed forces resume fire overnight

UCom CEO: Future of telecommunications field is in providing convergent services

Beeline launches an upgraded landline network upgraded with wireless technology and 450 MHz

Armenian reconnoiter: Largely discussed 700-800 ha are neutral zone between dug positions

Vivacell-MTS has replenished range of smartphones offered within "STARTPHONE" tariff plan with 9 new models

Rostelecom Armenia summed up results of the 1st round of annual "Technology for Life -More Opportunities" contest

Military Prosecutor's Office of Armenia investigates information about sale of Armenian Armed Forces' tinned food in Poland

Areximbank-GPB Group sums up results of "8 gifts by March 8" campaign conducted jointly with MasterCard

Transport ministry: Gagik Beglaryan has no bodyguards and he is not implicated in beating of people

Aim of OSCE MG Co-Chairs is to lay groundwork for negotiations that can lead to a comprehensive settlement, Warlick

Central Bank: By 1 April 2016 overdue loans in Armenian banks grew by 22.5% over year

Vladimir Yevseyev: Updated Madrid Principles will not be implemented until the armed conflict is frozen

Mass Media: Bodyguards of Transport Minister detained under case over beating of businessman's son Sergey Abovyan

Stepanakert: The territories the Armenian side lost in April were mostly part of the buffer zone around Nagorno Karabakh

Federica Mogherini says next annual Eastern Partnership Foreign Ministers' meeting will be held in spring of 2017

Seyran Ohanyan has not met with Samvel Babayan

PACE Co-rapporteurs: Those responsible for atrocities in Karabakh conflict zone should be held fully accountable

Expenses of Armenian President's Administration up 10% in 2015

Prime minister: Supply of Russian weaponry to Armenia launched

Serzh Sargsyan and Seyran Ohanyan to discuss Karabakh problem in presidential residence tonight

Two-fold growth of loan restructuring applications registered in VTB Bank (Armenia)

Head of Armament Unit of Armenia's Armed Forces dismissed

Sharmazanov: Genocide of Christians in Ottoman Turkey, IS actions and Azerbaijani aggression have same handwriting

Ex-president of Armenia included in list of candidates for election to the new Board of Directors of JSFC Sistema

Mammadyarov: Status quo in Karabakh conflict may lead to severe military clashes

Trial over case of the cardboard tank that "crashed" into NSS building is still going on

Tatoul Manaseryan: Top power branches have a great number of caterpillars

Штормовой ветер срывал крыши домов и не на шутку напугал жителей Еревана

Armenian President attends ceremony of unveiling of Memorial to Marshal Hamazasp Babajanian

Bostanjyan calls for reducing all expenses having no crucial significance to state

OSCE PA Special Representative for South Caucasus arrives in Armenia

Regional

Vallex Group invests $320 million in exploration and development of Teghout deposit in Armenia

  • by Arthur Yernjakyan

  • Thursday, August 7, 06:30

Vallex Group has invested $320 million in exploration and development of the Teghout copper and molybdenum deposit in Lori region, Armenia, Vice President of Vallex Group Gagik Arzumanyan told reporters, as Armenian Prime Minister Hovik Abrahamyan visited the deposit, Wednesday. Arzumanyan said the total cost of the project is $350 million. The remaining funds will be invested by the end of the year. Teghout is the second deposit in the country by the copper and molybdenum reserves. The biggest is the Kajaran copper and molybdenum deposits in the south of Armenia, he said. The annual production averages $180-$200 million depending on the metal prices, the vice president of the company said. The budget's annual tax revenues from the deposit may total at least $10 million, Arzumanyan said.  

He assured journalists that the company will be using the cutting-edge technologies of field development and minimizing the environmental damage.
"We seek to take all the necessary measures to bring the facilities in line with the highest international standards. The mining facility in Teghout is equipped with the cutting-edge technologies having no equal in Armenia," Arzumanyan said.

According to him, simultaneously with the felling activities around the deposits, tree planting was launched in 2008. Over 300 ha of trees have been planted in Lori region already.

As it was reported earlier, a Teghout CJSC has been created to engage in exploitation of the Teghout deposit. The company will launch activity by the end of the year. For the first time in the last 14 years, nearly 63 tons of copper concentrate with up to 32% of copper content and nearly 960 tons of copper concentrate with up to 50% of molybdenum content will be produced in average annually. 

Teghout closed joint-stock company was founded on May 22, 2006 by Vallex Group. The sole owner of the company is Teghout Investments Limited, Cyprus. 100% of the voting shares belong to Armenian Copper Programme CJSC, owned by Valery Mejlumyan. In 1991, Teghout's confirmed reserves totaled 450 million tons of ore, including 1.6 million tons of copper with a 0.355% content and 99,999 tons of molybdenum of 0.022% content. 

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