A New, Major Wave of Emigration Expected This Spring

The newspaper "168 Jam" reports that employees of the Alaverdi copper smelting plant are unable to pay their loans after becoming unemployed, stating that they have borrowed money from each other daily, and now this is no longer possible.

“We have decided to create a group that will collect the data of those with loans, after which we will apply to the relevant officials to intervene for the restructuring of the loans. Most people are unable to repay the loans,” said Garegin Antashyan, head of the Metallurgical Production Department, in an interview with "168.am".

Regarding the future of the copper smelting plant, he noted, “An entire city is waiting in uncertainty. The social situation is worsening day by day, and a major wave of emigration is expected this spring.”

Armen Kirakosyan, one of the workers from the Metallurgical Production Department, also expressed hope for some news. “In terms of loans, many people's cases will soon go to the Tax Enforcement Service. Out of 600 former employees, about 580 are borrowers,” added Armen Kirakosyan.

It should be noted that on October 19, the Alaverdi copper smelting plant officially suspended its operations, and starting October 23, employees received notices of termination.

The Alaverdi copper smelting plant was mortgaged at VTB Bank Armenia for a loan of about $500 million taken by Valeri Mejlumyan for the construction of the Teghut mine. VTB Bank Armenia reported that the Alaverdi copper smelting plant, part of the “Armenian Copper Program” company belonging to the “Vallex” group, is now the property of VTB Bank Armenia.

It is worth recalling that on November 27, 2018, Acting Prime Minister Nikol Pashinyan announced in Alaverdi that the Teghut mine would be exploited once the tailings dam was repaired.

For more details, see today’s issue of the newspaper.