Newsfeed

Hakob Andreasyan: We try to ring-fence farmers from untypical risks

Rustamyan: ARFD's refusal to take part in parliamentary opposition's rally does not mean refusal to cooperate with the forces

RPA members hold confidential meeting

ARFD 'throws up its cards' - it seems the parliamentary four is becoming a three

Heritage Party puts into circulation Armenian Parliament's Bill suggesting official recognition of Nagorno Karabakh Republic

Lydian International Limited plans initial $426 million investment in Amulsar gold project in Armenia in 2015-2016

Orogen Gold raised 1,125,000 pounds through the placing of 1,022,727,272 ordinary shares at LSE

Air France cancels its flights to Armenia due to a strike

Parcels from U.S. do not reach Armenia

Armenian and Polish Foreign Ministers hold political consultations

This year's Viktor Ambartsumian International Prize to be awarded in Yerevan Sept 17

Levon Zurabyan: By regularly changing its Constitution, Armenia is beginning to resemble "banana republics"

A member of the parliament from ARFD calls to listen to the viewpoint of the 124 year old party and take part in the constitutional reforms

2,000-year-old frescoes found in territory of Greater Armenia

Ruben Hakobyan voices the conditions in case of which Heritage party will support Constitutional reforms

Archeologists find an old tomb of a high-class man on the side of Mount Aragats

Seyran Ohanyan: The countersabotage systems set at the borders of Armenia and Karabakh

OSCE MG U.S. Co-Chair: A big window has emerged in the Karabakh peace process

Eduard Sharmazanov: World community must strongly condemn destruction of Armenian cultural and historical heritage in Turkey and Azerbaijan

President of Armenia promises with a problem of citizens deceived by Tonus company and respond in two days

Head of Armenian Parliament's Committee for State and Legal Affairs to present Karabakh frontier guards with night vision devices

Edward Sharmazanov: Anakara's inefficiency is a linchpin in the matter of ensuring security in Europe

Edward Sharmazanov: Azerbaijani provocations imperil stability of the entire Black Sea region

ECHR demands explanations from Baku over refusal to repatriate body of Armenian captive Karen Petrosyan

Russian expert: The resolution of the Basque Provinces is a logical continuation of the lobbyist line on recognition of the statehood of Nagornyy Karabakh

Giorgi Gvimradze: Russia's fate hangs in the balance in Ukraine

Replenishment of authorized capital to allow Anelik Bank to multiply its achievements and launch more ambitious projects

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.

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields
Classifieds

Help in searching for missing rare breed dog "malamute".

A. Shiboyan asked the Arminfo Editorial to help her in searching for her missing rare breed dog "malamute".