Yerevan /Mediamax/. Russian VTB Bank and “Teghut” CJSC signed a loan agreement in Yerevan today at the sum of $249.5mln for## exploitation of Teghut copper-molybdenum deposit.

Mediamax reports that the Chairman of the Board of VTB Bank Andrey Kostin stated today that the bank considers the agreement an important step on the path of developing its activity in Armenia, noting that “this is one of the largest loans, which Russian banks have ever provided in the post-Soviet area”.

The corporate control by VTB will be secured by means of participation of the bank representatives in “Teghut” CJSC management. “We hope that our cooperation will benefit both Armenia’s economy and the development of our business in the region”, Andrey Kostin stated.

Chairman of “Teghut” CJSC, President of “Vallex-Group” Holding Valeri Mejlumyan informed that at present construction of roads, preparation grounds, infrastructural objects is in process in the territory of the deposit, as well as planned felling is realized in small volumes.

According to Valeri Mejlumyan, the construction work will last 4 years and will require two more years to reach basic planned indices on production.

Within the framework of his visit to Armenia, Chairman of VTB Bank also met President Serzh Sarkisian, Prime Minister Tigran Sarkisian and the Deputy Chairman of the Central Bank of Armenia Artur Javadyan.