The Process of Termination of Contracts for Employees of Alaverdi Copper Smelter has Been Postponed

The companies of the ‘Vallex’ group are cancelling the notifications given to employees of the closed joint-stock company ‘Armenian Copper Program’ regarding the cessation of employment relations dated February 28, 2019 (the notifications are being cancelled for the second time).

This is stated in the announcement released by the ‘Vallex’ group of companies:

“New notifications will be given to the company’s employees, establishing a new deadline for the termination of employment relations on April 30, 2019. During this period, the entire staff will be paid their salaries from the personal funds of the president of the ‘Vallex’ group (in accordance with the amount set by the RA labor legislation for employees who are in compulsory downtime through no fault of their own). The decision of the companies of the ‘Vallex’ group is conditioned by the corporate social responsibility towards the population of the affected communities (including the Alaverdi community) regarding their production facilities and/or operational areas, as well as the aspiration to prevent a possible deterioration of the social situation in those communities.

At the same time, we inform that the ‘Vallex’ group will continue to make every effort in cooperation with the RA Government towards finding and implementing possible solutions for the resumption of the company’s operations. By paying the salaries of the staff who have not been working for months, we also aim to maintain the collective of the company. Preserving the collective of the company’s skilled staff is considered a prerequisite for both the resumption of the company’s operations and ensuring social stability in the region in the long term, as well as for implementing the ‘Vallex’ group’s long-term project for the establishment of a modern copper smelter.”