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VALLEX GROUP INVESTS $320 MILLION IN EXPLORATION AND DEVELOPMENT OF TEGHOUT DEPOSIT IN ARMENIA
by Arthur Yernjakyan
ARMINFO
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.
by Arthur Yernjakyan
ARMINFO
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.