BANK VTB (ARMENIA) TO CONTINUE FINANCING TEKHUT PROJECT
ArmInfo
2009-04-29 19:01:00
Tekhut project is underway and we will shortly appear with good news
for the Armenian market, Director General-Chairman of the Board of
Directors of Bank VTB (Armenia) Valery Hovsyannikov said during a
press-conference today.
Considering the change of the situation on the raw materials market,
the bank has revised its economy on Tekhut project. "Now that the raw
materials prices have stopped falling, we are completing re-assessment
of this project. This project is being closely controlled of the
Armenian and Russian goverments,"
To remind, $275mln credit agreement on the investment project of
Armenian Copper Programme to organize mining activities at Tekhut
copper-molybdenum deposit was signed May 27 2008. The bank has been
considering the decision to finance this project for 1.5 years.
According to Vallex Group, at the initial stage the factory will
produce 32,000 tons of copper concentrate and 900 tons of molybdenum
concentrate.
Tekhut deposit has 450mln tons of copper-molybdenum ore, 1.6mln tons
of copper and 99,000 tons of molybdenum.