“Concentrator and open-pit are fully re-launched in a record short period and within planned minimal budget. We succeeded in developing a young and at the same time skilled team in an unbelievably short period of time, involving nearby community residents , by which we have significantly reduced the existing social burden in the region. We extract and process 7 million tons of ore per annum with high recovery ratio in compliance with the License and permits by the authorized body. Currently we have approximately 950 employees, more than 91% of whom are residents of Lori Province, which is a province-wide solution of a significant social problem. We are also supporting the employees of the Alaverdi Copper Smelter who lost their jobs as a result of the plant’s shutdown, by hiring 50 of them. As part of the Target Community Social Support Program, in cooperation with the Shnogh Community we are funding the fruit gardens planting program further handing them over to the residents of the community in the future. During the past 3-4 years the Company has financed and planted nearly 45 ha of orchards. After re-launch the company continues carrying out proactive social-oriented activities by constantly supporting and funding various initiatives in the Target community, including, but not limited to installing street lighting in the Shnogh Community, financial support to the schools, kindergartens, Community Cultural Centers and children’s educational and sport groups in the community (Shnogh, Teghut and Karkop), as well as the Company’s monetary awards for the children of the community on the occasion of holidays”.
Armenia May Have a Modern Copper Smelter
According to Teghout Mining Executive Director Karen Ghazaryan Armenia’s economy cannot proportionally develop without advanced Industry Sector. “Taking into account the volume of concentrate produced in Armenia it makes sense to build a modern copper smelter in the country. At this moment app. 500,000 tons of copper concentrate is produced in Armenia and Artsakh, which roughly totals 125,000 tons copper annually, which indicates availability of local concentrate produced in Armenia as well as favorable conditions for building a modern copper smelter. Transcaucasia had one major copper smelter – the Alaverdi Copper Smelter – which is not operating at the moment. In this context the One Belt One Road initiative by Chinese President Xi Jinping, where Armenia due to its geographical location is engaged, is of great interest. The fact that Chinese state companies via this Initiative have already carried out hundreds of millions of dollars investments in Kazakhstan, Azerbaijan, Georgia and Belarus, indicates that to have its involvement and benefits Armenia must also have active participation, especially in terms of investment cooperation – by submitting its own investment projects.
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In order to boost the foreign investments in Armenia and make them more appealing the potential investors “should feel protected”. In addition, it is necessary to ease the tax legislation and reduce the tax burden, particularly for the newl...
