Press conference

On February 17, 2012, “Vallex” group companies organized a press conference, in their office at the address Khanjian 19. In the framework of the conference, managers of the “Vallex” group companies presented the results of the activities of “Vallex” group companies, upcoming projects to the representatives of mass media, as well as answered the questions. Below is the press release given to the participants from media in the conference.

“Vallex” group companies have started their operation in Armenia about 15 years ago. The first big investment was performed in Alaverdi Copper Smelter, where part of the production capacity of the  factory was rehabilitated and non-refined copper  production in Armenia resumed. The second big investment programme was implemented in Artsakh: Drmbon Mining Complex was constructed, which became the pioneer of Artsakh economy from the very day of its establishment.  The Teghout mining complex construction is currently on-going and 130 million USD have already been invested; the whole investment package is more than 320 million USD. Due to the World Financial Crisis in 2008-2009 the programme implementation strategy schedules were substantially revised. Nevertheless, through the implemented crisis intervention activities the “Vallex” group infrastructure was successfully maintained and growth of all the essential indicators was recorded at the post-crisis stage.  The number of “Vallex” group employees in 2011 was 3050 (against the 2240 in 2009); the revenue was 183 million USD (against the 105 million USD in 2009). Within the period of 2008-2011 the total volume of investment in Armenia and Artsakh by the Vallex Group companies have formed 165 million USD. Over 22 million USD investment have been performed during the first months of the current year, 2012.

“Vallex” group companies plan to substantially expand and develop their economic activities in Armenia and Artsakh during the coming years. In 2012, investments of Vallex Group in Artsakh and Armenia will exceed 150 mln. USD, and in 2013, 115 million USD. From 2012-2013, the number of employers will sharply increase conditioned by the construction works of the new production plant. In 2014 the Teghout cjsc will start mining copper and molybdenum in Armenia, and Base Metals cjsc will essentially expand copper mining in Artsakh. In 2015 both of the mining complexes will be able to operate at their full capacity, as designed preliminarily.  “Vallex” group companies will annually produce 10.25 million tons of mine both in Armenia and Artsakh, they  will produce  155 000 tons of copper concentrate containing 44 000 tons of copper, and 1.6 thousand tons of molybdenum concentrate containing 800 tons of molybdenum. The number of the Group employees will increase to 4000, and the volume of total investment in Armenia and Artsakh will form 500 million USD in 2015.