Friday, 1 October 2021
This is the first step of a broader investment vision։ The Government is a co-owner of ZCMC
"Industrial Company" and the Government of Armenia (GOA) are happy to announce that the Company has granted the Republic of Armenia and the GOA has accepted a 25% share of the Company. “Industrial Company” holds 60% of the shares of the Zangezur Copper Molybdenum Combine (ZCMC). The granted 25% shares constitute 15% of the equity of ZCMC that will consequently belong to the Republic of Armenia. "Industrial Company" is a fully owned subsidiary of “Georpromining Armenia”. The company has acquired 60% of ZCMC on 30 September 2021.
Roman Trotsenko, Geopromining BOD Member, commented on the transaction. "Geopromining has been operating in Armenia for many years, and we have been a reliable partner for the Republic of Armenia and Armenians for almost 2 decades. We have gladly embraced the opportunity to further expand our business in Armenia and acquire majority share at ZCMC, while offering the Republic of Armenia 15% equity participation. We intend to expand cooperation with the Government of Armenia and this is the first step in a broader investment vision. The Republic of Armenia, the people and our shareholders will benefit from all this, as well as new opportunities will open up for the Armenian economy. We also have a goal to start the construction of a new copper smelter in Armenia in the coming years".
Suren Papikyan, DPM of Armenia commented. "We would like to thank “Industrial Company” for offering the people of Armenia an opportunity to own a share in one of the largest industrial assets of the country. This practice that is common in mining worldwide can be a demonstration for the people of Armenia of how the notion of stakeholder capitalism and shared values work in practice. We are confident that this joint project will be a start for a better governed, more inclusive and sustainable mining sector in Armenia, that will benefit the country and its investors".
