TEGHUT MINING COMPANY TO BUILD NEW ORE MINING AND PROCESSING PLANT BY 2015

YEREVAN, October 10. / ARKA /. Teghut mining company is expected to
complete the construction of a new mining and processing plant in 2015,
according to deputy economy minister Karine Minasyan.

Teghut was established by a private Armenian Copper Program in 2006
as a 100 % subsidiary for the development of the second -largest
copper and molybdenum deposit in northern Armenia. The new plant will
have the capacity to produce 83,700 tons of copper and 1,600 tons of
molybdenum concentrates a year.

She said the plant will recruit 1,500 construction workers to build
the plant with an average monthly salary of 150 thousand drams ($369).

The government has decided today to award Teghut Company a three
-year VAT payment deferment. The deferment is awarded to companies
which import more than 300 million drams worth modern equipment or
technology to expand their output and modernize production facilities.

Earlier Teghut said it would invest $338 million in 28 years. .-0-

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From: Emil Lazarian | Ararat NewsPress