Former head of Ministry of Finance will undertake serious projects,  having headed mining holding Vallex Group

ArmInfo. Former head of the Ministry of Finance of Armenia Vardan Aramyan left to work in the private sector, becoming the executive director of a large mining holding Vallex Group.

Vallex Group JSC was established in 1998 and unites 20 subsidiaries  and affiliated companies. Among them, Teghout CJSC, founded in May  2006, owns 100% of the shares of CJSC TehoutEnvestments Limited, of  which 100% of voting shares are owned by Armenian Copper Program  CJSC, owned entirely by Valery Mejlumyan, the president of the group,  and CJSC "Base Metals", which operates a copper-gold deposit in the  village of Drmbon in the Martakert region of the NKR, CJSC Armenian  Copper Program (ACP), which operates the Alaverdi copper smelter,  which produces blister copper.

The program on exploitation of the Teghut copper-molybdenum deposit  was approved by the Armenian government in November 2007. By  reserves, the Teghut deposit is the second in the republic after the  Kajaran copper and molybdenum deposit in Syunik. Back in 1972,  large-scale geological exploration work was carried out here, which  confirmed the reserves of 450 million tons of ore containing 1.6  million tons of copper and 99,000 tons of molybdenum. Note that the  largest Teghout project due to environmental problems at the end of  last year was suspended. The exploitation of the field can be  continued only after solving a number of technical and environmental  problems, because of which the company, in fact, lost credit support.

According to economic observers ArmInfo, professionalism Vardan  Aramyan and its credibility in the international organizations will  allow the company, in the first place, to try to renew the Teghut  operation, to which there are serious complaints from the  environmental community, both within the country and abroad, and,  Second, to prepare and launch a project of building its own  metallurgical plant in Armenia.  The project of a new foundry was  offered to Armenia by the Chinese side, and Vallex Group CJSC will  participate in the project. According to experts, this is an  extremely topical project for Armenia, which, given the availability  of a significant amount of mining raw materials, will allow to  abandon the export of copper concentrate and enter its deep  processing within the country. The project will have a colossal  multiplicative effect for the restoration of industrial production  within the country as well.