"Teghout" CJSC Withdrew From "Vallex" Group

EcoLur

"Teghout" CJSC has withdrawn from "Vallex" Group, as Vallex Information and Public Relations Department informed EcoLur. "Teghout" CJSC's Information and Public Relation Officer Lilit Hakobyan confirmed this news in her telephone talk with EcoLur. She refused to say who the new owner of the company is. EcoLur also contacted the Russian 'VTB' Bank, where the property of "Teghout" CJSC is pledged to find out whether the company has been transferred to the bank. We didn't receive any response from the VTB, but they promised to contact us in this regard.

"Teghout" CJSC was in charge of Teghout copper and molybdenum open mine and the operation of the ore dressing plant. The company started the development on 20 December 2014 but stopped it on 12 January 2018. Over 1000 company employees were dismissed.

The stoppage was due to the financial problems and technical problems of Teghout tailing dump. "Teghout" CJSC promised that the indicators of the tailing dump sustainability don't comply with the RA legislative and international highest criteria. In reply to EcoLur's enquiry, the company assured that it will reinforce the dam of the tailing dump and, probably, the construction of a dam in the new section of the area. Then, it was found out that the property of "Teghout" CJSC was pledged at the VTB bank. Now "Teghout" CJSC has withdrawn from Vallex and a question arises who shall bear the performance of the company's environmental, social and health obligations. In order to receive an explanation on these and other question, a month ago EcoLur sent an enquiry to Vallex and didn't receive any reply. As the company doesn't belong to Vallex any more, EcoLur is addressing the enquiry to "Teghout" CJSC.

Photo: Vallex Group

17:54 November 15, 2018


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