Armenian Government Hands Over Zangezur Copper Molybdenum Combine Certified Rights

At a recent Cabinet meeting, the Armenian government made a decision to transfer the certification rights of the Zangezur Copper Molybdenum Combine, in which it has a 15% Armenian stake, to the trust management of the Armenian National Interest Fund (ANIF).

Prime Minister Nikol Pashinyan said that for the first time the state has a stake in the Zangezur Copper Molybdenum Combine. “This deal seemed dubious to many. The fact that the state was being deprived and has been deprived of its main strategic asset for many years, in fact, is not dubious, whereas the fact that the state has acquired, some are attempting to find corruption traces and deals in it. As a result of corruption, the state is not getting, but the state is losing. We have seen it for many years,"

Pashinyan noted that the Armenian government will have a representative at the Zangezur Copper and Molybdenum Combine. In September last year, the industrial company owned by GeoProMining acquired 60 percent of the Zangezur copper-molybdenum complex and then donated 15 percent of it to the Armenian government.

It should be noted that the candidacy of former Deputy Prime Minister Tigran Avinyan's candidacy for the board of directors of the Zangezur copper-molybdenum Combine is under discussion.

“Zangezur Copper Molybdenum Combine” Closed Joint Stock Company (ZCMC) is a leading Armenian mining company headquartered in Kajaran, Armenia, which operates large, long-term assets with significant proven and potential reserves of molybdenum and copper.

The company mines and processes the earth's mineral resources that are vital to making thousands of everyday products that meet society's needs and contribute to improved living standards. The largest open-pit mine in the region mines ores rich in copper and molybdenum, which are then processed to produce two separate concentrates.

For more than 60 years our company has been a leading company in the mining and processing of copper and molybdenum. The extensive experience gained over the years, the sustainable development strategy, numerous social and environmental projects, and the successful application of best international practices in this field ensure the uninterrupted and efficient operation and development of our company.

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