TEGHUT LOAN PROJECT IS NOT STOPPED

LRAGIR.AM
17:38:01 – 29/04/2009

Today, the Chairman of "VTB Bank (Armenia)" Board of Directors Valeri
Ovsyannikov stated that the loan project of the Teghut mine is not
stopped. According to the loan agreement signed by the Armenian
government and the VTB Bank, the latter is going to allocate 249,
5 million dollars for the construction of mining industrial complex
and for the exploitation of the copper-molybdenum factory.

Ovsyannikov said that the decline in prices of the copper and
molybdenum in the world make them revise the project and the VTB
Armenia Bank is already finishing the recalculation of the project.