ArmInfo. One of the main goals of acquiring the Teghut copper-molybdenum mine in Armenia's Lori region was to ensure American supply chain access to Armenia's strategically important mineral resources.
According to media reports, Konstantin Sokolov, an American investor of Russian origin, stated this in an interview with Bloomberg.
He emphasized his keen interest in expanding his activities in the South Caucasus region, as he deeply believes in its overall potential. In this regard, Sokolov emphasized that the peace memorandum signed between Armenia and Azerbaijan is an unprecedented event that could radically transform the region.
The investor noted that, until now, most of Teghut's production has been exported to China. However, he intends to reorient supplies to the United States by concluding new trade contracts after the current product purchase agreement expires.
Sokolov plans to increase annual production to 120,000-130,000 tons of copper concentrate, containing approximately 26,000-28,000 tons of copper. According to him, the new production facilities are expected to be commissioned in 2030, and the plant will reach full capacity by 2031.
As previously reported by ArmInfo, citing Reuters, Sokolov owns major telecommunications and mining assets in the region and previously ran a Russia-focused investment firm that touted close ties to the Kremlin, according to documents reviewed by Reuters.
According to founding documents, 51-year-old Russian-born businessman Konstantin Sokolov was appointed head of the investment fund, now called the Trans-Caspian Enterprise Fund, in January. He owns large stakes in Armenia's largest mobile phone company, Viva Armenia, and earlier this year acquired Armenia's second-largest copper-molybdenum mine after receiving special permission from the US government.
Teghut is the second-largest copper and molybdenum mine in Armenia by reserves. Its estimated reserves are approximately 450 million tons of ore, and its production infrastructure includes an operating mining and processing plant.
After Vallex Group failed to service its loan obligations, the mine was transferred to VTB Bank in 2018 to pay off a debt of approximately $380 million. By the end of 2024, the outstanding liabilities to the bank already exceeded 162 billion drams, or approximately $440 million.
The Teghut copper-molybdenum deposit development program was approved by the Armenian government in November 2007. In terms of reserves, the Teghut deposit is the second largest in the country after the Kajaran copper and molybdenum deposit in Syunik. Large-scale geological exploration work was carried out here as early as 1972, confirming reserves of 450 million tons of ore containing 1.6 million tons of copper and 99,000 tons of molybdenum. The project was suspended in February 2018 due to environmental concerns. At the time, it was stated that the deposit's operation could only resume after resolving a number of technical and environmental issues, which effectively led to the company losing its credit support. On November 21, 2018, Armenian Minister of Energy Infrastructure and Natural Resources Garegin Baghramyan told reporters that VTB Bank was selecting a new operator for the Teghut project.
