OREANDA-NEWS. December 25, 2014. Armenia’s Vallex Group is implementing one of the country’s largest projects in the Lori Region with VTB support – building the Teghout Copper-Molybdenum Mining facility. The bank has allocated USD 283 million for the USD 350 million project.

The ceremony marking the completion of construction works and start of production at the facility was held on 20 December, and was attended by President Serzh Sargsyan of Armenia, Armenia’s Deputy Prime Minister and Minister of International Economic Integration Vache Gabrielyan, Lori Region Governor Artur Nalbandyan and General Director – Chairman of the Directorate of VTB Bank (Armenia) Yuri Gusev, as well as foreign ambassadors to Armenia.

The guests were shown around the mine and enrichment plant, and had the opportunity to learn about its production cycle.

The average annual production plan for the next 10 years anticipates production of about 64,000 tonnes of copper concentrate at 31 percent copper content (19,700 tonnes) and 760 tonnes of molybdenum concentrate at 50 percent molybdenum content (380 tonnes).

“VTB bank is glad to be able to co-finance the creation of such a large facility as the Teghout mining and enrichment plant in Armenia,” said Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board. “The company uses the latest bio-treatment facilities to prevent the pollution of lakes and rivers, and has been working to re-forest the area where it operates. This reforestation programme involves planting twice as many trees as the company fells, which is an open and rational attitude to natural resource management. VTB is keen to cooperate with companies whose development plans include a responsible approach to the environment.”