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Armenians and Azerbaijanis should take efforts towards peace, Pope Francis says

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Ancient Armenian city Ani may become UNESCO World Heritage Site

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"We Are the Owners of Our Country" initiative picketing Parliament building opposing ratification of agreement on joint air defense system with Russia

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President of Armenia calls on Armenians worldwide to unite to settle the three fundamental issues of the Armenian people

Karekin II and Pope Francis sign Common Declaration: "We express our hope for a peaceful resolution of the issues surrounding Nagorno-Karabakh"

Armenian President: We are grateful to Pope Francis for visiting Armenia and showing warm attitude to Armenian people

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Pope Francis: “May the Armenian Church walk in peace and may the communion between us be complete.”

Karekin II: The processes of secularism are intensifying, spiritual and ethical values and views are distorted, and the family structure, established by God, is being shaken

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Ilham Aliyev: Nagorno-Karabakh will never get independence

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Pope to Armenian people: Your sufferings are our own

Pope Francis participates in ecumenical meeting with Patriarch of Armenian Apostolic Church, Karekin II, in Yerevan

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. 

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