YEREVAN, DECEMBER 10, NOYAN TAPAN. The credit program on operation of the Teghut copper and molybdenum mine is the biggest one (with the participation of the private sector) out of the credit agreements signed in Armenia so far, the chairman of the Central Bank of Armenia (CBA) Tigran Sargsian stated on December 8 after the ceremony of signing the agreement between Armenian Copper Program (ACP) company, which operates the mine, and VTB Bank (Russia). The Armenian prime minister Serge Sargsian was present at the signing ceremony. The chairman of VTB Bank Andrey Kostin said that 257 million-dollar credit for operation of the Teghut mine was provided for 12 years. In his words, this project is quite profitable for VTB: in addition to the credit interest, the bank will also receive part of the profit in the "outside" form of the Teghut company's shares. The president of ACP company and Teghut company (which was created with the aim of implementing jointly with VTB the investment program on operation of the Teghut mine) Valery Mejlumian said that VTB has the same investment risks as ACP in the project of the Teghut mine's operation. According to him, the risks are related to the fact that copper prices may fall in international markets. In his words, the cooperation between ACP and VTB has other directions as, by the agreements reached by the sides, VTB Group has the primary right of participation in the projects implemented by ACP in Armenia. ACP is currently doing geological exploration work in several big copper-gold mines. The matter first of all concerns two-three mines in Lori marz. It was mentioned that ACP and VTB Group already have an experience of successful cooperation for several years. In particular, the financing of pre-export of black copper of 15 million dollars for three years by ACP has been organized through VTB France Bank - member of VTB Group.

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