Armenian company ACP negotiates with Russian VTB bank on attraction of
extra credit
2009-03-09 16:08:00
ArmInfo. Armenian metallurgy company Armenian cooper Programme [ACP] is
negotiating with Russian VTB bank on attraction of extra credit up to
$280 mln instead of the arranged earlier $249,5 mln, director of ACP,
Gagik Arzumanayan, told journalists when replying to the ArmInfo
correspondent’s question, Monday.
He also added that to fulfill the programme of launching of the Tekhut
cooper and molybdenum mine field in the north of Armenia they need
attraction of extra funds. The credit between ACP and VTB bank at the
sum $249,5 mln was signed in 27 May 2008 in Yerevan. Arzumanyan also
said that last week in Moscow he met leaders of the Russian bank. "We
seem to find the format which will make it possible to start financing
of the Tekhut in a month or two", – he said and added that $280 mln
credit will be given the company through several tranches. He hopes the
first tranche $50 mln will be given in 2009.
Arzumanyan recalled that according to the credit programme mining and
processing of ore from the Tekhut deposit will start in 2011.
To recall, Russian VTB and ACP signed a US$249.5 million credit in
Yerevan on May 27 2008. The credit was provided for 12 years. Ore
reserves at Tekhut deposit total 450 million tons, whereas copper
reserves make up 1.6 million tons with average 0.355% of copper
content. Molybdenum reserves total 99,000 tons with average molybdenum
content of 0.021%. Nearly 25-30,000 tons of copper and 800 tons of
molybdenum are to be recovered annually to ensure 40-50% of total
copper and about 20% of total molybdenum recovery in the country. ACB
was given a license for exploitation of the deposit for 25 years in
2001. Liechtenstein-registered Vallex F.M. Establishment holds 81pct
stake in the Armenian Cooper Programme CJSC and a citizen of Russia
Valery Mejlumyan holds a 19pct stake in the company. V. Mejlumyan says
the turnover of Vallex group for 2007 totaled US$160 million, profit –
US$20 million.