VTB BANK TO SPEND $257 MLN ON DEVT OF COPPER FIELD IN ARMENIA

Prime-Tass English-language Business Newswire
December 10, 2007 Monday 2:03 PM EET

Russia’s VTB Bank plans to invest U.S. $257 million in the development
of the Tekhutskoye copper and molybdenum deposit in Armenia, VTB
Bank’s President and CEO Andrei Kostin told reporters in the Armenian
capital of Yerevan on December 8.

In addition, VTB will get a 50% stake in Tekhut, the operator of the
project. The remaining 50% is owned by Armenian Corp Program.

On December 8, VTB signed an agreement with Armenian Corp Program on
the joint development of the deposit, as well as the construction of
an ore and dressing plant in Armenia worth over $300 million.