YEREVAN, February 28. /ARKA/. Teghut CJSC intends to invest $338 million in Armenia within 28 years, Armenian Economy Minister Tigran Davtyan said Thursday at a regular Cabinet meeting.
The minister said that $132 million of this amount will be spent on purchasing equipment and constructing a plant.
The government decided today to grant the company a three-year VAT payment adjournment, in accordance with the government initiative approved in 2009 to give this preference to those companies importing equipment worth more than AMD 300 million. The companies whose investment packages exceed the mentioned amount are eligible to enjoy this preference as well.
Davtyan said that thanks to this adjournment, the company imports equipment worth AMD 2.7 billion.
Teghut Company was established in 2006 as a subsidiary of Armenian Copper Programme CJSC for developing the second largest copper and molybdenum field in Armenia - Teghut.
An ore-dressing and processing plant will be built here as part of the project. The plant is estimated to produce 83,700 tons of copper concentrate and 1,600 tons of molybdenum concentrate every year. -0-