Newsfeed

Renewed commitment at the highest level needed for Karabakh conflict settlement, Warlick says

Russia is responsible fulfilling its duties in Karabakh peace process

NKR Defense Army repels one more sabotage attack of Azerbaijani troops

Turcologist: Holding Off-Year Parliamentary Elections in Turkey Seeks to Transfer the Country into Presidential Government

VivaCell-MTS and Fuller Center for Housing Armenia Continue Partnership

VII PanArmenian Barbeque Fest to Take Place on Sep 12

Heritage to take no part in discussions on constitutional reforms with President

Stepanakert: NKR Defense Army keeps a tight rein on adversary

Manvel Sargsyan: Constitutional referendum is aimed at destroying the basis of Armenian statehood – the presidency institution

U.S. Ambassador: "One of the most effective drivers of cooperation is common business interests"

Gevorg Kostanyan requests his Azerbaijani colleagues to inquire into death of Armenian citizen Karen Petrosyan

Artak Zakaryan: We will be following Venice Commission's recommendations as much as they will meet our traditions and mentality

VTB Bank (Armenia) most recognizable bank brand in Armenia

Ucom not Clear about Orange Brand Future

Russian Air Carriers to Raise Air Ticket Prices again

Air Armenia Company embarks on second phase of overcoming stress period

Armenian Foreign Ministry has no data so far if there are citizens of Armenia among affected people in storm-stricken Batumi

Anelik Bank implemented a joint Hotel Express VISA Gold card

Expert: The new RA Constitution shall affirmatively authorize the same-sex marriage

Internet in the 37497 mobile networks

Prosecutor General's Office: No criminal case will be opened on the matter of beating of Air Armenia owner

So far the environmentalists have no response from the Prime Minister on restoration of the Iranian Urmia lake at the expense of Sevan

Applications for "Certification of Organic Agricultural Product" Contest now Available on ACBA-Credit Agricole Bank Website

Beeline expands mobile coverage in Yerevan and Aragatsotn

Levon Zurabyan: ANC Declining Serzh Sargsyan's Invitation to Participate in Discussions on Constitutional Reforms

ACBA ON-LINE system is replenished with a new feature - from now on all ACBA ON-LINE users have an opportunity to make transfers from their card accounts

Venetian Commission: We will not Fuel Debates among Political Powers of Armenia.

Iranian Ambassador: Tehran began to pay more attention to Karabakh peace process

Artsrun Hovhannisyan to Zakir Hasanov: Self-deception not the best way to work

Georgian Foreign Ministry condemns restoration of Abkhazian railway

Newspaper: Company of former member of Republican Party, MP Tigran Arzaqantsyan turns bankrupt

Palestinian Embassy in Azerbaijan says Palestine will not open embassy in Armenia

Volunteers from the Diaspora hosted at VivaCell-MTS headquarters

Over 6 thousand children from Tavush will undergo free ophthalmologic examinations thanks to Orange Foundation

VTB Bank (Armenia) launches Anelik-Visa Direct service - transferring money directly to Visa accounts

Economist: The Regulator probably retains the USD agiotage

Orange Foundation supports "Lunettes pour l'Armenie" program in Tavush

ARFD: If draft new Constitution is passed, Republic Party will lose its power in three years

Areximbank-GPB Group looks to develop SME finance as promising sector

Russian businessman German Sterligov weighs lawsuit against Azerbaijan at ECHR

Regional

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

  • by Arthur Yernjakyan

  • Thursday, August 7, 01:30

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