An Armenian mining giant has built a new processing plant for copper ore and molybdenum in Nagorno-Karabakh as part of a larger business project implemented in the country for over a decade.

Vallex Group inaugurated the modern factory late 2015, shortly after the launch of the open pit mining of Kashen deposit. Located in northern Martakert, it processes about 275,000 tonnes of copper and 3,200 tons of molybdenum. The company claims to have invested $ 130 million in new facilities which currently employs more than 1,400 people.

The project was launched two years ago, as he began to be a depletion of reserves of gold and copper. The subsidiary of Vallex in Karabakh reserves Heyvali operated since 2001, making it the largest private employer and Karabagh corporate taxpayer.

According to officials in Stepanakert, the company pays an average of 4 billion drams ($ 8.3 million) in taxes each year. By comparison, the 2016 budget of the Government of Karabakh is equivalent to 89 billion drams.

Bako Sahakyan, President of Karabakh, stressed the importance of Kashen project for the local economy during his speech at the inauguration ceremony. Sahakian said the new jobs created by Vallex contribute to economic growth.

Prime Minister Ara Harutiunian, told reporters that the non-ferrous metal reserves will allow the new mining complex to be operational for at least 25 years. Harutiunian has minimized the substantial decline in recent years of international copper prices, arguing that Vallex could even expand its mining operations in Karabakh in the coming years.

Vallex plans to extract and enrich at least 1.75 million tonnes of ore per year. According to the company, the Kashen deposit contains approximately 56 million tonnes of ore.

The company, which has the largest mining operations in Armenia, hired not only Armenian but also foreign specialists to build and manage the new facility. “I had never heard of a country called Karabakh before landing here,” admitted Murray Johann, an engineer of mines in South Africa. “Armenians of Karabakh are proud and decent people. How not to love working with them? “

The Martakert mines were the major contributor to the economic growth registered in Karabakh in recent years. “The total number of people employed in Karabakh increased from 41,000 in 2007 to 50,300 in 2014,” Harutiunian had revealed a year ago.

The authorities in Stepanakert, Karabakh’s economy grew by more than 7% between January and September 2015, thanks to a 32% increase in agricultural production.