YEREVAN. – The Alaverdi Copper Smelting plant had either to be closed or modernized, acting Deputy PM Tigran Avinyan told reporters on Friday.

He said that they had discussions with Vallex Group and VTB Bank about continuing the work of the plant, and the problem here is not about the government, but a legal argument that exists between the two companies.

“The talks are advancing, we will find a solution in the near future. We will do our best to tackle the problem. The copper smelting plant had to either be closed or modernized, but at the moment the operation of the plant, modernization and lowering of environmental impact is being discussed,” he added.

As reported earlier, Alaverdi copper-smelting plant faced serious financial problems. The company officially suspended its activities on October 19.

The plant is reportedly owned by VTB Bank - Armenia. Over 600 workers who were threatened to be dismissed have already held protest actions and blocked the interstate Armenia-Georgia highway.