Global financial crisis saves Teghut forest from cutting

Global financial crisis saves Teghut forest from cutting

2009-03-11 11:56:00

ArmInfo. Tree cutting in Teghut forest has been almost stopped because
of the global financial crisis which hinders implementation of the
programme on development of Teghut copper-molybdenum deposit in the
north of Armenia, Director of Armenian Copper Programme metallurgical
company, Gagik Arzumanyan, told journalists.

"We have not yet received fully-fledged financing for Teghut and the
preparatory work is still underway", he said. The company director
added that 20 Ha of Teghut forest were cut in 2008, although 35 Ha were
agreed on. At present, 21 Ha of wood were cut. According to G.
Arzumanyan, it is scheduled to start preparing for exploitation of the
Teghut deposit in 2011, according to the programme. The director added
that the credit for implementation of this programme will be expectedly
received from VTB Russian bank.

To note, it is scheduled to cut 157 Ha of wood in Teghut during the
next 12 years.