ACP ARMENIAN COMPANY MAY RECEIVE FIRST TRANCHE TO $50 MLN FROM RUSSIAN VTB IN 2009
ArmInfo
2008-12-24 14:56:00
Armenian metallurgical company Armenian Copper Programme (ACP) may
receive the first tranche to $50 mln from the Russian VTB Bank in 2009,
ACP Director Gagik Arzumanyan told ArmInfo.
He said the Company is currently negotiating with the bank for
attraction of the first tranche. "We hope the credit mastering will
start from 2009", G. Arzumanyan said. He also said it is scheduled
to direct the funds to preparation and exploitation of the Teghut
copper-molybdenum deposit in the north of Armenia.
To recall, the credit agreement between the Russian VTB and ACP
Company to the sum of $249,5 mln was signed in Yerevan on May 27,
2008. The credit has been extended for 12-year period and, according
to President-Chairman of VTB Board of Directors Andrey Kostin, "it has
an increased degree of risk for the bank". It is scheduled to start
exploiting the deposit in 2011. The ore reserves at Teghut deposit
make up 450 mln tons, copper reserves – 1,6 mln tons with 0,355%
average content and molybdenum reserves make up 99,000 tons with
0,021% average content. It is also envisaged to mine 25-30 thsd tons
of copper and 800 tons of molybdenum annually that will assure 40-
50% of the total copper mining and to 20% of molybdenum mining over
the republic in general. The license for exploitation of the deposit
was given to the company in 2001 for 25-year period. To note, 81%
shares of the Armenian Copper Programme CJSC belong to the Vallex
F.M. Establishment and 19% shares – to the Russian citizen Valery
Mejlumyan. Upon the results of 2007, the turnover of "Vallex" Group
made up $160 mln and the profit – $20 mln.