ArmInfo
In 2011 metallurgical company Armenian Copper Progamme [ACP] will start exploiting Tekhut cooper and molybdenum deposit in Armenia, director of the ACP Gagik Arzumanyan told journalists in the Armenian parliament today.
He also added that the work on preparation of the deposit for exploitation has been already started. They are going to establish all the needed infrastructures and build a dressing plant with a capacity 7 mln tons of ore per year. The director said that the cost of the investment programme may grow up to $ 300 mln. It is expected that over 1-2 months the ACP will make a contract with Russian Vneshtorgbank (VTB) for attraction of a $ 250 million credit to fulfill the programme for exploitation of Tekhut copper and Molybdenum plant. Asked by ArmInfo correspondent about possibility of construction of a copper plant near the Tekhut deposit, the director replied that at present such a project will not be economically justified, but he did not rule out its building in future.
To recall, on 1 November 2007 the Armenian government endorsed the programme on exploiting of the Tekhut copper and molybdenum deposit for 30-40 years. Preliminary data say ore reserves in the deposit make up 450 million tons, copper reserves - 1.6 million and the average copper content being 0.355%. Molybdenum reserves total 99,000 tons with the average content being 0.021%. ACP plans to recover 25-30,000 tons of copper and 800 tons of molybdenum annually to secure 40-50% of total copper recovery and 20% of molybdenum recovery in the country. The minister said that yet in 2001 ACP was licensed to exploit Tekhut deposit for 25 years.
November 20, 2007