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US-based businessman and head of the TRIPP+ Foundation Konstantin Sokolov has discussed plans concerning the acquisition and operation of Armenia’s Teghut copper-molybdenum mine.
Sokolov spoke about the plans in an interview with Bloomberg, discussing his intentions to expand his activities in Armenia and the South Caucasus.
He stressed that restarting the Teghut mine would contribute to Armenia’s economic growth and improve its security.
In its report on the interview, Bloomberg noted that most of the mine’s output is currently exported to China. Sokolov said plans were in place to redirect those flows to the United States in December through new trade agreements.
“We want to reach a point where the Teghut mine can compete globally and create lasting value for the local community. One of the main objectives of this transaction is to strengthen the Armenia–US partnership,” Konstantin Sokolov said.
Sokolov highlighted the initialling of the peace agreement between Armenia and Azerbaijan, describing it as an exceptional, transformative event for the region.
“I am very interested in expanding my activities across the region because I have always deeply believed in its potential. The United States has demonstrated confidence in my experience and track record by appointing me to lead the Trans-Caspian Enterprise Fund, with capital of US$201 million. The fund focuses on energy, transport and private-sector development projects in the region. This includes the crucial ‘Trump Route’ infrastructure and the wider Trans-Caspian trade route connecting Central Asia with the South Caucasus and global markets,” Konstantin Sokolov said.
In September, Teghut CJSC announced that the mine’s new owner, US-registered Dynamic Frontier Holdings LLC, intended to continue operating the second-largest copper mine while investing in modernisation to deliver long-term benefits for Armenia’s population and support economic growth.