Larisa Paremuzyan

Even Without VTB Funding Work at Teghut Continues

Hetq spoke with Ruben Papoyan, a member of the executive board of Teghut Ltd. regarding the current situation at the proposed mine site given the fact the VTB Bank has still not come through with much needed financial assistance. "Presently, preliminary work is underway at Teghut to get the mine up and running; excavation work in some places, asphalt elsewhere." "Ditches to direct run-off water are being constucted as well as a road from the factory to the mine. The tailings dam is also getting a series of duct works to carry off water excesses. Presently, 280 workers are busy at the Teghut site. If the VTB Banks comes through with financing the number of workers will drmatically rise. This year the number of workers can rise to 500-600. At top operating levels we expect some 1,500-1,700 workers here," Mr. Papoyan stated. He also reported that trees are being felled in different areas: Kharatanots, Bardser and the Lorout valley. Despite all these claims, we didn't see that much activity when we visited the site. It appears that everyone is waiting for the decision of VTB Bank.