19/04/2014 17:11
Armenian president visits Teghut copper-molybdenum mine
Armenian President Serzh Sargsyan visited today the Teghut copper-molybdenum mine during his working visit to Lori province.
The program of construction of Teghut Copper-Molybdenum Combine and the mine’s operation is implemented by Teghut CJSC of Vallex Group.
Director of Teghut Company, President of Vallex Group Valery Mejlumian told journalists that they plan to mine and process 7 million tons of ore at the first stage of the program and to double this index in a few years. The cost will amount to $150-190 million at the first stage, depending on molybdenum prices in international market.
In the words of Mejlumian, active construction began in November 2007. Over $300 million has been spent so far. The company has 1,200 employees, including foreigners.
“I believe that within two years we will be the first in Armenia to get an international ecological certificate, which will mean that we did our best to reduce damage,” Valery Mejlumian noted.
As regards the protests of environmentalists, Mejlumian said they keep in touch with both residents of nearby villages and young environmentalists who have the wrong idea of the situation in Armenia and the correct path of its economic development. In fact, they oppose everything.
“I think that in case of adhering strictly to our decisions, we can have both a mining industry and a recreational zone. Those who oppose this should present alternative options of Armenia’s development,” he said.
It is planned to produce 63,000 tons of copper concentrate annually. Investing $350 million in the first stage of Terghut mine’s operation, the enterprise will produce copper and molybdenum concentrate of $200 million. The average wage of employees will make 295,000 drams.