Teghout Mine Management Completely Handed to VTB Bank

Teghout Mine Management Completely Handed to VTB Bank

Karine Simonyan, www.azatutyun.am

Public discussion around copper smelting plant and Teghout mining. Teghout mine management has completely been handed to the Russian VTB Bank against the loan obligations “Teghout” company, the mine developer, has. Already Ex General Director of the company Sahak Karapetyan said in his interview with the Azatutyun that as of today “Vallex” Group companies don’t have any connection with the mine not operating for 10 months though they are appealing legally the legitimacy of the process of handing the mine to the Russian bank.

“It can be recorded that “Teghout” has ceased to be a part of “Vallex” Group Company. We, naturally, don’t share the same opinion about this situation, we are going to take actions and appeal this situation. But today it’s a fact. At this moment, we are not managing “Teghout”,” he said and added that currently the management is performed by the VTB Bank and managers appointed by the bodies associated with the bank.

Today Vice President of “Vallex” Group Company doesn’t exclude that the VTB Bank can also manage Alaverdi copper smelting plant, which is also pledged at the bank with all its property.”

“Alaverdi plant and the assets of Alaverdi plant are pledged in the VTB Bank in regard to the Teghout project. Now there is a process running with the bank, then the future will show how it will proceed.” In reply to the question whether it is possible for the Alaverdi plant to be handed to the VTB Bank as well, Karapetyan responded, “As a lawyer, I shall say that it is possible at theoretical level. Because any property, which is pledged for somebody, may be realized. But right now there are signs for it.”

The plant pledged in the Russian Bank was fined last month by Environmental Inspection Body in the amount of 387 million AMD. This body adjunct to the government found out that over the recent 3 years the plant emissions exceeded the permissible limit of emissions by 15 times and caused serious damage to the environment.

A public discussion was held in Alaverdi upon the initiative of the Environmental Inspection Body and its Head Arthur Grigoryan stated that the company had been instructed to take measures in the near future to eliminate the violations. Whereas today the company heads say that they can’t perform the assignments of the Environmental Inspection Body: the emissions, which exceed the permissible limit by 15 times, can’t be reduced as it means to reduce productivity, which will be harmful for the company.

The company heads stated that currently they don’t have any other alternatives but running negotiations with the government of China around investing US $ 600 million for the construction of a new copper smelting plant equipped with the newest technologies worldwide.

18:36 October 08, 2018


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