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Mining News

$700 million invested by Vallex Group in Armenia’s mining industry over past two decades

Vallex Group has invested more than $700 million in Armenia’s mining industry over the past two decades, Valery Mejlumyan, the president of the group, said Tuesday as met with Suren Karayan, minister of economic development and investments.

In his words, Vallex sent more than $40 million to the government budgets of Armenia and Artsakh (Karabakh) in 2016 alone.

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He also said that $400 million has been invested in Teghut copper mine and thanks to that 1,150 jobs have been created here and the mine has been equipped in conformity with modern standards.

The enriched capacity of the copper field was estimated yet in Soviet epoch at 450 million, of which one fifth of the resources is confirmed by Vallex, but the company continues exploring the field.

The minister visited Tekhut last week. He also visited a copper-smelting plant in Alaverdi. This is the only copper smelter not only in Armenia, but also in the South Caucasus.

Now the plant is able to process up to 50,000 tons of copper concentrate and to produce 13,000 tons of blister copper a year.

Teghut deposit is being developed by Teghut CJSC established in 2006 by Vallex Group.

Base Metals, Armenian Copper Program, the Institute of Mining and Metallurgy and Vallex IT LLC are included in Vallex Group as well.

Some 4,000 people are working for the group’s companies in Armenia and Karabakh.

Source: arka.am

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