Vallex to resume development of Teghut deposit by the end of 2018
21.03.2018,
19:12
The Vallex group of companies developing the Teghut copper and molybdenum deposit in Armenia’s northern province of Lori that earlier this year laid off more than one thousand workers, will resume the development of the deposit by the end of this year or at the beginning of the next one, Minister of Economic Development and Investments of Armenia Suren Karayan said today.
YEREVAN, March 21. /ARKA/. The Vallex group of companies developing the Teghut copper and molybdenum deposit in Armenia’s northern province of Lori that earlier this year laid off more than one thousand workers, will resume the development of the deposit by the end of this year or at the beginning of the next one, Minister of Economic Development and Investments of Armenia Suren Karayan said today.
The Liechtenstein-registered company said earlier that its decision to halt the work was prompted by the need for further research in order to significantly increase the output. To implement the research, the company was to invite both local and international organizations.
Vallex said that almost all the workers who were set to be laid off would receive notices about the impending termination of their contracts. It added that some of these workers would be provided with jobs at other enterprises it owns.
The company said it had invested more than $700 million in Armenia and Artsakh (Nagorno-Karabakh) over the past 20 years, including $400 million in the Teghut deposit.
According to estimates made back in Soviet times, the deposit’s potential is 450 million tons of ore, of which the company confirmed only a fifth so far. At the moment, the capacity of the enterprise allows processing up to 50,000 tons of copper concentrate per year and producing 13,000 tons of blister copper.
The Vallex group of companies includes Base Metals operating in Artsakh, the Armenian Copper Program operating the copper smelter in Armenia’s Alaverdi, the Institute of Mining Metallurgy and Vallex IT LLC, engaged in information technology. All these companies employed about four thousand people. --0--
The Liechtenstein-registered company said earlier that its decision to halt the work was prompted by the need for further research in order to significantly increase the output. To implement the research, the company was to invite both local and international organizations.
Vallex said that almost all the workers who were set to be laid off would receive notices about the impending termination of their contracts. It added that some of these workers would be provided with jobs at other enterprises it owns.
The company said it had invested more than $700 million in Armenia and Artsakh (Nagorno-Karabakh) over the past 20 years, including $400 million in the Teghut deposit.
According to estimates made back in Soviet times, the deposit’s potential is 450 million tons of ore, of which the company confirmed only a fifth so far. At the moment, the capacity of the enterprise allows processing up to 50,000 tons of copper concentrate per year and producing 13,000 tons of blister copper.
The Vallex group of companies includes Base Metals operating in Artsakh, the Armenian Copper Program operating the copper smelter in Armenia’s Alaverdi, the Institute of Mining Metallurgy and Vallex IT LLC, engaged in information technology. All these companies employed about four thousand people. --0--
