Valex
Group financed by the OJSC "VTB Bank" has started construction of a
mining and concentration plant in Teghut, Lori region of Armenia in an amount
of $283 million. As press-service of the bank reported, the total cost of the
project is about $350 million.
With support from VTB Bank open joint stock company,
the Vallex Group is implementing one of the biggest economic projects in
Armenia, i.e. construction and
maintenance of Teghut copper and molybdenum deposit, says the report.
The official plant commissioning ceremony held on
Saturday December 20 was attended by Armenia’s president Serzh Sargsyan,
vice-premier and minister of global integration and reforms Vache Gabrielyan,
governor of Lori province Artur Nalbandyan, general director of Bank VTB
(Armenia) Yury Gusev, as well as foreign diplomats. The guests have been to the
mine premises and the workshops.
Average indicator targets for the next ten years
suggest a total of about 64,000 tons of copper concentrate containing 31%
cooper (19,700 tons) and 760 tons of molybdenum concentrate containing 50%
molybdenum (380 tons) will be produced at the plant every year.
"We are happy that VTB can help set up an
enterprise in Armenia like Teghut mining and concentration plant”, first
vice-president of VTB Bank Yury Soloviov said. Soloviov said state-of-the-art
biological treatment plants are used in the territory of the complex to prevent
pollution of nearby lakes and rivers. He also added that the company takes care
about reforestation.
VTB is always prepared to cooperate with companies
that develop the regional economy and have proper attitudes toward environmental
issues at the same time, Soloviov said.