As a result of metal price fall in the international market the companies of Valex group are faced with economic difficulties. Armenpress news agency has been informed by the press services of Valex group that Armenia Copper Program CJSC had to close the mine and mine enrichment project in Alaverdi, which was not profitable even before the crisis, when the prices of metals in the international market were high. As a result of the crisis the VTB bank is delaying the financial support to the copper-molybdenum mine of Teghout and the investment in the project is limited only with the own resources of the company. The crisis in the international market has not affected the Armenia Copper Program CJSC directly, but its operation depends on other factors as the future of the copper-molybdenum factory of Alaverdi is cloudy as well. According to the company’s information, the company will have to stop the operation of the copper factory in several months. In November 2008 the company did not prolong the contracts with 113 employees and they lost their jobs. In December 48 people lost their jobs at the mentioned company, and in January 78 employees lost their jobs. Currently the factory of Alaverdi has about 650 employees. If the copper factory is closed too, most of these people will lose their jobs too. As a result of the crisis the metal extraction companies of Karabakhs’ Drmbon are faced with crisis too as copper is used in their plants too. However Base Metals company has not fired many people and has not reduced the capacity of copper and gold raw materials. According to the mentioned information, the company has increased the production capacity and the capacity of mine extraction per year is 350.000 tones. Due to this fact that company recruited about 100 citizens, who lost their jobs at the Alaverdi plant, to work at their mines on monthly part-time basis.
