Delovoi Express
Vallex Group President Valeriy Mezhloumyan said that more than $ 350 million will be invested in the construction project of Ore Processing Combine in Teghout and Teghout copper and Molybdenum Mine development. He said the company has already invested more than 100 million in the civil works. “Remaining 250 million will be drawn in upcoming two years, afterwards copper production from copper concentrate will start, I hope, in the amount of $ 200 million per year or even more,” V. Mezhlumyan said. …The copper to be produced will be completely exported to Germany. “We have been cooperating with the largest German copper producer, Aurubi Company, for more than a dozen year.”
Reminder: still in May 2008 Russian VTB Bank and ACP Company (a part of Vallex Group) signed a loan agreement in the amount of 9,5 million to implement Teghout project, nevertheless, according to Vallex Group, this document has been annulled, and they concluded another agreement with the bank, but this time the agreement sum remains in secret.
September 28, 2011 at 14:36