Newsfeed

"Please take me as hostage": Supporters of Daredevils of Sasoun have new slogan for today's protest

Armenia's NSS established identity of person who made false alarm on terror threat on July 27

Beeline continues registering participants of "Eurasia Mobile Challenge" local round

66 citizens were detained on July 27, 61 of them released

Anti-crisis group: Armenian authorities' violent actions provoke a wave of civil disobedience

Opposition demands to convey extraordinary session of parliament while most of MPs have gone on holiday to the best foreign resorts

"Daredevils of Sasoun" addresses Diaspora and world community asking condemnation for "unlawful" detention of Alek Yenigomshyan

HRH Yerevan condemns police activities against peaceful civilians, while public organizations demand extraordinary session of parliament

Sources in 102nd Russian military base in Armenia say contract officer disappears from base

Journalist Levon Barseghyan: "Freedom has its Price and I have always paid that Price!"

Oppositionist Alek Yenigomshyan detained on suspicion of supporting "Daredevils of Sasoun"

Health Ministry of Armenia says 14 citizens injured in recent developments in Yerevan still in hospital

Armenian Ombudsperson's Office representatives visit detained citizens

Azerbaijan targets positions in Talish village with grenade launchers

President of Journalists Club "Asbarez" Levon Barseghyan detained

Police of Armenia say almost of detained citizens set free

National Security Service of Armenia leaves open possibility of using force against "Daredevils of Sasoun"

Armenia's Police alarmed over bomb in Zvartnots International Airport

One of medical workers of Ambulance service released from seized building

One of leaders of Founding Parliament Alek Yenigomshyan detained

Arrest chosen as measure of restriction for Pavel Manukyan's son: Manukyan himself launched hunger strike

Leaders of "Founding Parliament" decide to hold protests on Liberty Square

Anti-Crisis group justifies its "mistakes" with intention to avoid bloodshed

Armenian police detaining all citizens passing by Khorenatsi Street near the seized building, foreign citizens among them

National Security Service of Armenia addresses members of Daredevils of Sasoun: The possibility still exists but the time is running out

Yenigomshyan believes in success of oppositionist movement

Representatives of Armenian Ombudsman's office visit Police department in Shengavit district and meet activist Levon Barseghyan

National Assembly of Armenia has not discussed demand to meet with delegation of parliamentarians laid down by "Daredevils of Sasoun"

US Embassy to Armenia calls for immediate release of medical personnel from seized building

"Daredevils of Sasoun" group presented details of last night's firefight: there was sabotage by Police

Yenigomshyan: Doctors are not hostages they are guarantee for satisfying conditions, laid down by Daredevils of Sasoun

Armenian Healthcare Ministry considers impossible fulfillment of armed group's demand on exchange of medical workers who were taken hostages

Yenigomshyan rings alarm: Levon Barseghyan missing since early morning

Economy Ministry of Armenia sees no reasons why Single European Sky is still close for Armenia

"Daredevils of Sasoun" provide details of overnight skirmish: Police resorted to sabotage

James Warlick: Yerevan and Baku agree to expand OSCE monitoring group in Karabakh conflict zone

Medical community of Armenia condemns "Daredevils of Sasoun" for taking 4 medical workers hostage

Police ban citizens from gathering in territory adjacent to seized Police Patrol Service Regiment building in Yerevan

Forecast: No prospects for NATO's expansion into South Caucasus

Armenian human rights defender verifying reports on mass detention of citizens

Armenian human rights defender verifying reports on mass detention of citizens

Two wounded members of armed group "Daredevils of Sasoun" sent to prison hospital

U.S. Embassy in Armenia once again issues a security message for U.S. citizens in Armenia urging them to avoid daily demonstrations

Azerbaijan's drones circling above Karabakh-Azerbaijani Line of Contact

Lives of wounded members of "Daredevils of Sasoun" Pavel Manukyan and his son in danger after past night's skirmish

Police reinforce its positions at Khoreatsi Street

Policemen's actions against Daredevils of Sasoun escalate situation even more

Armenian NSS warns that it has to take stricter actions for preventing new crimes by Daredevils of Sasoun

VTB Bank (Armenia) resumes service of transfers from card to card via Visa Direct system

Ombudsman presented his position and proposals related to events in Erebuni

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