Armenak Chatinyan, the Capital
“Vallex” Group Deputy Chairman Gagik Arzoumanyan gives some details to the “Capital” about Teghout Copper and Molybdenum Mine development project implementation:
-Mr. Arzoumanyan, Teghout Mine development is expected to be fully launched in 2013. Which part of the works designed by the project have you already implemented?
In the past period roads of main and temporary significances were built in Teghout with a total length of about 65 km, concrete mixer and an appropriate factory for crushing, different warehouses for temporary use, temporary dormitory and five-storey building of the main dormitory, high-voltage power lines with a total length of 25 km were laid through. Intensive civil works are conducted in several parts of the future ore processing factory. A water withdrawal tunnel has been constructed so as to isolate tails from natural water currents. Nearly a total of 56,000 cubic meters of concrete and reinforced concrete has been worked out.
If to rely on the rate of preparation works conducted which are aimed at mine development and in terms as agreed with suppliers, the production of the fist ore raw material will be in the second half of 2013.
-At this moment how much is the sum of money already invested? Whether the works you conducted have been conducted at your expenses or at the expense of credit resources? What stage the loan allocation from VTB is in?
In the frames of Teghout program the amount of proposed capital investments will make up 320 million USD. We have already invested more than 70 million USD. Now this program is financed both by internal resources and loan funds (including funds received from VTB Bank).
May 04, 2011 at 12:50