Teghut Mining Director Says Closure Not Related to Western Sanctions
Vladimir Nalivayko, General Director of Teghut CJSC, the company that operates Armenia’s Teghut Copper and Molybdenum Combine, says mining operations will recommence after much needed reinforcement of the tailings dam and other repairs are finished.
Hetq spoke to Nalivayko, asking why the company recently announced that work at the open pit mine in Armenia’s northern Lori Province would be halted as of March 14.
Nalivayko told Hetq that the company had planned to halt mining and ore processing in May or June of this year but pushed up the date given supply chain backlogs resulting from the conflict in Ukraine and western imposed sanctions on Russia.
VTB, one of the Russian banks excluded by the European Union from the SWIFT messaging system, is a majority shareholder of Teghut CJSC and the banks assets have been frozen.
Europe is the main market for copper and molybdenum ore concentrates exported by the company.
Nalivayko didn’t specify how many workers would be laid off at the mining company, one of Armenia’s largest.
He said that the company uses the services of several banks and can get around the financial sanctions imposed on VTB.