Tuesday, November 27 2018 21:10

ArmInfo. Workers of Alaverdi   Copper smelter at worst will be able to continue working  on field "Teghut". 

This was announced on November 27 at the election rally in Alaverdi  by the acting president. Prime Minister Nikol Pashinyan.

He elaborated on the problem of the enterprise and the Teghout field.  Nikol Pashinyan reminded that the development of the field began with  the attraction of a loan from VTB Bank of $ 380 million. The field  was operational, but in January-February of this year. it turned out  that there was a hole in the tailings of the field and there was a  need to restore it. In order to solve the arisen problem, the company  attempted to attract a new loan, and since it did not work during  this period of time, it was unable to service the loan of VTB Bank.  During the same period of time, it was unable to attract new credit  resources in the amount of about $ 10 million. The company was not  able to attract loans from other sources either, since both Teghut  and the Alaverdi copper smelter were incorporated in VTB Bank. The  company undertook to attract a new loan from VTB Bank, but the bank,  seeing the risks associated with the repayment of funds, refused to  receive new financial injections. In this situation, the government  invited both parties, pointing out the importance of solving the  problem and calling upon the parties to resolve the issue through  negotiations. As a result, the Teghout field came under the control  of VTB Bank. "We have set a condition for VTB Bank to attract a new  operator that uses the field," Nikol Pashinyan stressed.

The main cause of environmental problems, that is, violations of  permissible standards for emissions of sulfur dioxide by the  enterprise, as a result of which the company was fined and ordered to  reduce emissions by 90% until December 25 of the current year. In  addition, Vallex announced financial problems with VTB Bank. It was  reported that in order to build a mining complex in Teghout, VTB  Bank, in exchange for the loans provided, demanded that the assets  and shares of ACP be pledged to provide a loan, along with other  guarantees.

However, the legal processes related to the implementation of the  Bank's pledge of rights to property have not yet been implemented.  Meanwhile, in an interview with the TV channel "Angle Plus Three"  affiliated with "Vallex", the director of the plant in Alaverdi  Lusine Mejloumian called on the company's employees to be vigilant,  saying that Teghut CJSC had already passed into the ownership of VTB  Bank and if, with the help of the government, it is not possible to  resolve the issue with the copper smelter, the plant also expects the  same fate. As the director pointed out, Vallex unfoundedly trusted  the bank. In addition, Lusine Mejlumyan once again stated that it is  practically impossible to follow the requirements of  environmentalists. "We have never concealed that we exceed the  permissible emission threshold, since there is no other opportunity  to work," she said, noting that in recent years the company did not  make serious investments, and those that were made were only to keep  production power in operation. Recall that the company is axial for  the region and in the event of its closure, about 630 people will  remain without work and livelihood. Nevertheless, as  environmentalists say, the work of the plant in its current form is  fraught with environmental consequences and problems for the health  of the inhabitants of the region.

Note that Vallex Group (Vallex Group) was established in 1998 and  unites 20 subsidiary and affiliated companies. Among them, Teghut  CJSC, founded in May 2006, 100% of the shares of CJSC belong to  Teghut Investments Limited of Cyprus, 100% of which voting shares in  turn belong to Armenian Kopr Program CJSC, which is fully owned by  Valery Mejlumyan, and also CJSC Base Metals, which operates a  copper-gold deposit in the village of Drmbon, Martakert region, NKR,  Armenian Copper Program CJSC (ACP), which operates the Alaverdi  Copper Smelter.