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Regional

Representative of Cronimet Mining to become Chief Executive Officer of Zangezur Copper Molybdenum Combine in Armenia

  • by Emmanuil Mkrtchyan

  • Tuesday, June 17, 22:35

A representative of Cronimet Mining, the principal shareholder of Zangezur Copper Molybdenum Combine (ZCMC), will become the Chief Executive Officer of ZCMC in Armenia. 

ArmInfo has been told by well-informed sources that Maxim Hakobyan, who has successfully been managing the Combine for many years, has been elected Chairman of the company's Board of Directors at a recent meeting of shareholders. Hakobyan will take up his new duties on July 1. ArmInfo has not managed yet to find out the name of the new CEO, an Austrian by nationality.         

To note, "Zangezur Copper Molybdenum Combine" CJSC is the largest mining enterprise in Armenia and exploits the Kajaran deposit, which is the richest in the CIS by its copper content. ZCMC was privatized for 132 mln USD on 14 December 2004. Afterwards, 60% of its shares passed into the ownership of Cronimet Њining (Germany), with the remaining 15%, 12.5% and 12.5% having gone to the Pure Iron Plant (Yerevan), "Armenian Molybdenum Production" CJSC and "Zangezur Mining" LLC, respectively. In 2012 the net profit of ZCMC amounted to 17.1 bln AMD versus 15,069 bln AMD in 2011 and 21.5 bln AMD in 2010. (As of 12 March 2013, the Central Bank's AMD/USD exchange rate was 414.90 AMD/1USD). 

According to the data of Cronimet Holding (headquarters in Karlsruhe, Germany), over the past few years the total investments in "Zangezur Copper Molybdenum Combine" CJSC amounted to over $500 mln. The investments have ensured failure-free operation of the enterprise. By its equipment and production capacities, the Combine is highly competitive with the best international companies today. ZCMC is a local economic mainstay and makes an invaluable contribution to Armenia's economy and creation of jobs. In 2013, "Zangezur Copper Molybdenum Combine" CJSC topped the list of the largest taxpayers of Armenia, having paid 37.8 bln AMD to the state budget.
To note, Cronimet Mining also owns 51% of "Pure Iron Plant" OJSC's shares and 51% of "ELBAT" CJSC, an automotive battery production plant. Cronimet Mining also has assets in South Africa. According to the latest data published on the official website of the company, the consolidated proceeds of Cronimet Mining totaled $531,060,000 in 2012.

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