Wednesday, February 20 2019 15:04
Naira Badalian

Vallex Group of Companies will pay employees of Armenian Copper  Programme" CJSC from the personal funds of the Group President

Vallex Group of Companies will pay employees of Armenian Copper  Programme" CJSC from the personal funds of the Group President

ArmInfo. Vallex Group of Companies recognizes as invalid the notifications previously  submitted to employees of Armenian Copper Programme" CJSC (ACP),  which owns the Alaverdi Copper Plant that was shut down at the end of  last year, about the breakdown of labor relations since February 28,  2019.

As stated in the statement of the Vallex group of companies,  the new notifications will set a deadline for the termination of  labor relations - April 30, 2019, and will pay for the losses of the  company's employees from the personal funds of the president of the  Vallex group. In particular, according to the source, for the  specified period, all personnel of Armenian Copper Programme" CJSC  will be paid a salary in the amount established by law for the  remuneration of an employee who is in a forced idle time through no   fault of the employee in the amount of two thirds of the average   hourly wage.

rrThis decision, as noted by the Vallex group of companies, is due to  the high level of social responsibility in relation to the population  of those communities in whose territory the production facilities are  located, as well as the desire to prevent a possible deterioration in  the socio-economic situation of the population of neighboring  communities.

At the same time, the Vallex group will continue its efforts to find  ways to restart the work of ACP. "Paying wages to the staff of a  non-operating company, we aim to preserve the solidarity of qualified  employees, which we consider necessary to re-establish the company's  activities and ensure social stability in the long term, as well as  to put the Vallex group's program to open a new modern copper  smelter" , - contained in the statement of the Vallex group of  companies.

To recall, on October 19, the work of the Alaverdi copper smelter was  suspended for the 4th time during its 250-year history. The main  cause of environmental problems, violations of permissible emissions  of sulfur dioxide by the enterprise, as a result of which the company  was fined 380 million drams ($ 700 thousand) and it was ordered to  reduce emissions by 90% until December 25 of the current year. The  problem is complicated by the fact that the enterprise's property  complex is secured by a loan of $ 500 million for the development of  the large Teghut copper-molybdenum deposit, the operation of which  was also discontinued due to environmental problems last year after  co-financing was suspended by one of the foreign lenders. Under these  conditions, servicing the loan becomes extremely unaffordable for the  enterprise and a serious decrease in the level of profitability of  the Alaverdi plant, in fact, may lead to its bankruptcy. According to  independent experts, the company had previously worked to bypass  tough environmental rules thanks to informal agreements with the  relevant government agencies in order to ensure the production and  export of blister copper and the preservation of jobs. To note,  Vallex Group was established in 1998 and includes 20 subsidiaries and  affiliates.  Among them is Teghut CJSC, founded in May 2006, 100% of  the shares of CJSC belong to Teghut Investments Limited of Cyprus,  100% of whose voting shares in turn belong to Armenian Copper Program  CJSC, which is fully owned by group president Valery MMejlumyan, and  also CJSC Base Metals, which operates a copper-gold deposit in the  village of Drmbon, Martakert region, NKR, Armenian Copper Program  (ACP) CJSC, which operates the Alaverdi Copper Smelting Plant

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