Teghout Mine and Ore Dressing Plant To Resume Operation Starting from 1 July

Teghout Mine and Ore Dressing Plant To Resume Operation Starting from 1 July

www.azatutyun.am, Karine Simonyan

Starting from July 1, Teghout mine and ore dressing plant will resume their operations. Executive Director of “Teghout” Company owned by VTB Bank Karen Ghazaryan said that the company having inherited loaning obligations of around 400 million USD is able to repay its debts and work with profit. Under him, it is planned to produce copper concentration of half a million ton in July, which will be entirely exported.

“yes, we have estimates and have drafted the company budget till the end of the year, if the prices remain within the ranges of 6000 USD, the gross profit will make up 30-40%,” Karen Ghazaryan said in his interview with the Azatutyun.

The company having promised thousands of working places in the upcoming decades to Shnogh and adjacent communities closed down the mine and the ore dressing plant against a huge loan in the bank. After several months it became known that the VTB has confiscated the whole property of “Teghout” Company. Most employees out of 1200 company employees became unemployed. Today the company has hired over 700 people but the local residents are not content with it. The Director Manager of the company says the company will have only 900 employees of previous 1200 people. “Otherwise, extra working places will make the company bankrupt,” the company head said.



16:21 July 01, 2019


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