Teghut mine in Armenia has been transferred to the control of Konstantin Sokolov's US company - Azatutyun
18.07.2026,
10:41
The Teghut copper-molybdenum deposit in Armenia has been transferred to the American company Dynamic Frontier Holdings, the Armenian service of Radio Azatutyun reports, citing documents from the Electronic Registry of Legal Entities.
YEREVAN, July 17. /ARKA/. The Teghut copper-molybdenum deposit in Armenia has been transferred to the American company Dynamic Frontier Holdings, the Armenian service of Radio Azatutyun reports, citing documents from the Electronic Registry of Legal Entities.
According to the publication, Dynamic Frontier Holdings, registered in the US state of Texas and founded in August 2025, is listed as the new shareholder of Kuprar RA LLC, the company operating the Teghut deposit.
According to documents obtained by Azatutyun from the Texas tax registry, the company is headed by financier and investor Konstantin Sokolov, registered in Florida.
Earlier this week, it was announced that the US State Department had appointed 52-year-old Sokolov to head the TRIPP+ investment fund, which will reportedly finance projects along the South Caucasus trade route, including transport, energy infrastructure, and critical minerals projects.
Azatutyun reports that in April, the head of Russia's VTB, Andrey Kostin, announced that the bank was in the final stages of selling its copper mining asset in Armenia.
Earlier, the Armenian Competition and Consumer Protection Commission approved the acquisition of shares in Kuprar RA.
Background
The Teghut copper-molybdenum deposit is located in Armenia's Lori region and is considered the country's second-largest in terms of reserves, after the Kajaran deposit. Based on geological exploration in 1972, its reserves were estimated at 450 million tons of ore, containing approximately 1.6 million tons of copper and 99,000 tons of molybdenum.
Commercial production of the Teghut Mining Complex began in December 2014. Teghut CJSC, part of the Vallex Group, was responsible for the development of the deposit. By 2017, the group's investment in the project exceeded $400 million, and approximately 1,150 jobs had been created at the enterprise. Production capacity allowed for the production of up to 50,000 tons of copper concentrate per year.
The project was financed with the participation of Russia's VTB Bank. In 2008, the bank announced a $249.5 million loan for 12 years.
Subsequently, Armenian Prime Minister Nikol Pashinyan stated that the total loan for the development of the Teghut deposit was approximately $380 million, and that after problems with debt servicing arose, VTB effectively assumed ownership.
In February 2018, the enterprise's operations were temporarily suspended. Over a thousand employees lost their jobs at the time. Later, Armenian authorities and VTB discussed resuming the mine's operations and attracting a new operator.
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According to the publication, Dynamic Frontier Holdings, registered in the US state of Texas and founded in August 2025, is listed as the new shareholder of Kuprar RA LLC, the company operating the Teghut deposit.
According to documents obtained by Azatutyun from the Texas tax registry, the company is headed by financier and investor Konstantin Sokolov, registered in Florida.
Earlier this week, it was announced that the US State Department had appointed 52-year-old Sokolov to head the TRIPP+ investment fund, which will reportedly finance projects along the South Caucasus trade route, including transport, energy infrastructure, and critical minerals projects.
Azatutyun reports that in April, the head of Russia's VTB, Andrey Kostin, announced that the bank was in the final stages of selling its copper mining asset in Armenia.
Earlier, the Armenian Competition and Consumer Protection Commission approved the acquisition of shares in Kuprar RA.
Background
The Teghut copper-molybdenum deposit is located in Armenia's Lori region and is considered the country's second-largest in terms of reserves, after the Kajaran deposit. Based on geological exploration in 1972, its reserves were estimated at 450 million tons of ore, containing approximately 1.6 million tons of copper and 99,000 tons of molybdenum.
Commercial production of the Teghut Mining Complex began in December 2014. Teghut CJSC, part of the Vallex Group, was responsible for the development of the deposit. By 2017, the group's investment in the project exceeded $400 million, and approximately 1,150 jobs had been created at the enterprise. Production capacity allowed for the production of up to 50,000 tons of copper concentrate per year.
The project was financed with the participation of Russia's VTB Bank. In 2008, the bank announced a $249.5 million loan for 12 years.
Subsequently, Armenian Prime Minister Nikol Pashinyan stated that the total loan for the development of the Teghut deposit was approximately $380 million, and that after problems with debt servicing arose, VTB effectively assumed ownership.
In February 2018, the enterprise's operations were temporarily suspended. Over a thousand employees lost their jobs at the time. Later, Armenian authorities and VTB discussed resuming the mine's operations and attracting a new operator.
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