Armenian PM: Vallex Group Has Financial Problems

Armenian PM: Vallex Group Has Financial Problems


“Vallex” Group Company is experiencing financial problems because of the decrease in international prices of copper concentrate. On 4 May the Prime Minister visited the Teghut copper-molybdenum mine, where he said the Government is committed to support the company and there is also the President’s instruction to support this company, which has a great future. “Attaching importance to the development of mining industry in Armenia, we have expressed our support for other companies that have financial problems,” Hovik Abrahamyan noted.

The Head of Government was told that over USD 350 million has been invested to ensure the launch of the first phase of the project. In the period between December, 2014 through April, 2016 the Company has mined and processed over 8.8 million tons of ore and produced 141 thousand tons of copper concentrate of 27.89 percent copper content. Some 1,200 people are currently employed in the Company, mainly from Teghut, Shnogh and other communities of Lori Marz. The average salary was AMD 352 thousand As of March 2016. In 2015, the total amount of taxes paid by the company amounted to AMD 2.5 billion, while in January-April, 2016 it has reached the mark of AMD 4.55 billion, as the official website of the Armenian Government says.

14:04 May 06, 2016


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