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VTB Bank is financing the construction of a new enterprise in Armenia

Armenia continues to implement one of the country's largest economic projects. In Lori region in late December it was completed construction work at the Teghut copper-molybdenum factory. The next step is putting production operation. VTB Bank has actively participated in the project. VTB has invested in the construction of 283 million. USD. The complete cost of the project is about 350 million. USD. 20.12.2014 on the territory of the plant was held a ceremony in honor of the completion of construction. The celebration was attended by the country's president, Serzh Sargsyan, and other government officials. VTB Bank was represented by Yuri Gusev, Director-Chairman of Directorate. Scheduled for the guests of the event included the introduction of the production process. In addition, tours have been conducted on the mine site and the shops of the new processing plant.

According to preliminary calculations in the next decade the annual production capacity will be about 64 000 tons of copper concentrate. This estimated copper content of 31%, which amounts to 19.7 thousand. Tonnes. The company also will produce molybdenum concentrate in the amount of 760 tons. Molybdenum content in it is expected to reach 50%, which is 380 tons.

Yuri Soloviev, VTB deputy chairman, said at the opening ceremony that the bank was pleased to take part in the project. In addition, VTB, together with the leadership of the plant is taking measures to prevent environmental pollution. On the territory of the GOK established modern biological cleaning station. It also discusses how to restore the forest in double volume.

Despite the fact that the value of the world market of molybdenum decreases Armenia interested not only in the product. China continues to increase its exports of the metal. For the period January-October 2014 the volume exported from the country of molybdenum compared to the same period last year increased by half. Grown and imported volumes of the product, an increase of 11.4%. Accordingly, the amount of exports and imports for the period amounted to 10timesyachny, 9 and 14.02 million. Pounds of pure metal. At the same time the October results of exports and imports showed 611 and 665 thousand pounds -. Much lower than in recent months. Given the decline in prices is not surprising, and some decline in the production of molybdenum.

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