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Kristine Aghalaryan

VTB Will Provide $300 Million in Loans to Teghut Mine Operator

This year the Armenian Copper Programme expects to receive $300 million in financing from the VTB Bank to continue mining operations at Teghut. Valery Ovsyannikov, Director of VTB-Armenia, told Hetq that financing program is up and running and that the resources will definetly be made available. Mr. Ovsyannikov couldn’t say exactly when the credits would be allocated. "There are still some conditions in the contract that are stalling matters, especially issues linked to the environment. When these contractual conditions are met, the financing will start to flow." Her added that the transaction is quite complex. "There are around fifty separate matters to be taken into account. The environmental issues are quite strict and must be resolved."