VTB Nears Sale of Armenian Mining Stake in Teghut Company
VTB is in the final stages of selling its nearly 50% stake in Teghut, a major player in Armenia's copper and molybdenum sector. The deal awaits approval from local regulators, reflecting ongoing shifts in ownership within Armenia's mining industry post-sanctions.
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VTB Bank, having acquired nearly 50% of Teghut after the previous owner defaulted on a $400 million loan, is nearing a sale of its stake, pending regulatory approval. Teghut, located in Armenia's Lori province, resumed operations in March 2023 after a year-long suspension due to Western sanctions against Russian banks.
In 2022, Teghut contributed approximately 14.4 billion drams ($38 million) in taxes, ranking it among Armenia's top corporate taxpayers. The new CEO, Sergei Nerchuev, has ties to diamond mining in Russia, raising questions about his appointment's relation to the sale. The Zangezur Copper-Molybdenum Combine, another significant entity in the sector, reported tax payments of over 52 billion drams ($139 million) in 2025.
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