Newsfeed

Forum of Armenian Associations of Europe calls on all the public organizations and politicians to join the rally of the opposition three

Heritage circulates in the Parliament a draft statement on Suren Khachatryan

Fitch affirms Rostelecom's investment grade rating of BBB - with a stable outlook

From now on all Orange Prepaid and Eagle customers can activate their favorite number and call forever for free

"MTS Connect LTE" modem for free in case of subscribing to an "MTS Connect LTE" or "Internet Express" tariff plan

Despite all obstacles created by Municipality of Ararat, parliamentary opposition is committed to hold its rally in that city

Political expert: Republican Party of Armenia has some problems with replacement of Serzh Sargsyan

Moscow International Currency Association to hold an International Banking Conference in Yerevan

EBRD to provide $5 million to ArmSwissbank for SME finance

Aram Manukyan: Amendments to the Law on Turnover Tax may develop into serious political processes

Ameriabank anticipating 50% growth of trade finance portfolio in 2015

Minister: Government of Armenia does not seek to rename Sports and Concert Complex after K. Demirchyan

Oppositionist: Nikol Pashinyan asks Prime Minister Hovik Abrahamyan to give recidivist Suren Khachatryan a position in the Government

SME representatives in Gyumri block city's central streets in protest of new turnover tax

Because of the Greek president's aircraft trouble, the flight from Zvartnots airport of Yerevan was delayed

The President of the Hellenic Republic Karolos Papoulias visited Yerevan Brandy Company

Anelik Bank lowers Bank-Client tariff and S.W.I.F.T. commission

Parliament's extraordinary sitting on the law on amending the Law on Turnover Tax has not taken place due to RPA's boycott

Orange Foundation and Armenian Eye Care Project launch a joint online campaign to help children to fight blindness

Armenia ranked 78th in World Press Freedom Index 2014 of Reporters Without Borders

FMO lends Araratbank $15mln for business projects by export-oriented companies

Open Day to be held at UWC Dilijan on October 5

In Jan-Aug 2014 Ameriabank exceeds a number of targets and is ready to conquer new heights

Armenia launches a single cultural portal providing a unique opportunity to acquire e-tickets by online payment

Turkish Construction Company launches activity in Armenia

Turkish journalists who urge apology for Armenians receive letters with threats

Air Armenia becomes regular air carrier from Novosibirsk to Yerevan

Sellers in Gyumri also protest against the new turnover tax

VivaCell-MTS implemented the 5th draw "365"

Anne Brasseur says PACE seeks to establish contacts between Armenian and Azerbaijani delegations

PACE adopts decision to prepare report on "increase of tension in Nagorno Karabakh and other occupied territories of Azerbaijan"

ACBA-Credit Agricole Bank creates ACBA Business Partner sub-brand

Artifacts from Armenian Highlands cause sensation in the world of science

Vice Speaker: Armenian-Russian relations should develop and deepen

Argentinean writer: One more Armenian Genocide is taking place in Aleppo

Armenia ranked 4th in Eastern Partnership Media Freedom Index for first half of 2014

Opinion: SCR plays an important role in communications

River of Hrazdan overruns its banks, as intensive water releases from Lake Sevan launched

Turkish intellectuals urge apology to Armenian students

Hay Tar Mobile App now free of charge

VTB Bank (Armenia) wins Public Rating's Best Bank award

Georgia will temporarily close Upper Lars border crossing because of landslide danger

Nikol Pashinyan again publicly accuses Surik Khachatryan of direct complicity in Avetik Budaghyan's murder

Russian expert: Armenia should be interested in Russian-Azeri arms deals

Leader of Marxist Party of Armenia dies

Yerevan Brandy Company completes grape procurement in Ararat Valley

VTB Bank (Armenia) to sponsor the transfer of windsurfers in wintertime

ArmSwissBank becomes a partner bank for Medicine Producers and Importers Union of Armenia

Presidents of Russia and Azerbaijan to discuss Karabakh peace process

Finding mixture of ~300,000 year-old stone tools in Armenia challenges hypothesis that technique's appearance in Eurasia was result of expansion of hominins from Africa

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