On 16.10.2017 Denmark’s Export Credit Agency (hereinafter referred to as “EKF”) released a publication on its official web site, which served a reference for some Armenian media companies to spread information covering inter alia the relations between Teghout CJSC and EKF. With this respect we deem appropriate making the following statement: Financing of “Teghout” copper-molybdenum mine project has been raised by Vallex Group utilizing its own financial resources as well as through a loan extended by the VTB group. There have been no immediate loan or other financial arrangements between Teghout CJSC and EKF; Teghout CJSC has never been a recipient of any financial means from EKF. Therefore, we are not in a position to comment on EKF’s statement pertaining withdrawal “of its financing from the Armenian copper mine project”. Moreover, we have not received any formal notification from EKF on terminating our existing contractual relations.

From its very outset, we have constantly taken sufficient measures aimed at enhancing our personnel’s professional qualifications and improving operational processes throughout the entire period of extraction and production. We consistently implement international best practices and ensure compliance with the highest applicable standards in the fields of occupational health and safety as well as environmental management. Throughout this process we closely cooperate with several internationally recognized organizations, including but not limited to EKF. At the outcome of 6 years of continuous efforts Teghout CJSC was qualified to be in full compliance with international standards such as ISO 14001:2004 (Environmental management system) and BS OHSAS 18001:2007 (Occupational Health and Safety Management System). In September 2017 we have thus been awarded with relevant international certificates.

Mass media and PR department of “Vallex” group companies