Newsfeed

Arrestee over attempt of terror attack on Armenian-Russian gas pipeline confesses

Armenian Foreign Ministry verifying if there were citizens of Armenia among those feared killed in earthquake in Italy

Holders of MasterCard and Maestro are offered new way of receiving money transfers from Russia-via Odnoklassniki network

ANC: Congress did not support Sasna Tsrer, as the situation posed threat to statehood

On Sep 1 Beeline (Armenia) will announce about launch of CDMA network ensuring access to high-speed internet in all regions of the country

Court of Appeal leaves unchanged measure of restrain against Aram Manukyan, Sasna Tsrer group member

Diaspora Ministry receives 162 Armenians from Diaspora under "Ari Tun" project

Trial over attempt of terror attack on Russia-Armenia gas pipeline scheduled for October 10

Russian soldier Valery Permyakov sentenced to life imprisonment for murdering family of 7 persons in Armenia's Gyumri

Larisa Alaverdyan: Armenian side should forget about territorial concessions

Court leaves measure of restraint against activist Garegin Chugaszyan unchanged

Armenia takes 42nd place at RIO-2016

ACBA-Credit Agricole Bank launched GREEN lending within loan agreement with Central Bank under KfW "Energy Efficiency Program for SME"

Larisa Alaverdyan: Iran should participate in Karabakh settlement

Russian expert: The West does not want to perceive Russia as enemy and does not need confrontation

Terror attack on Russia-Armenia gas pipeline prevented in Georgia: Detainees are accused of having links to terrorist organization

Court of Appeal leaves unchanged measure of restraint against Toros Torosyan

Forecast: Withdrawal of any of the member countries may lead to dissolution of NATO

View from Moscow: Relations with Turkic world are not fundamental problem for Russia

Arayik Khandoyan to run for local elections in Tsakhkahovit, relevant documents submitted to CEC

Levon Yeranosyan urgently recalled from vacation leave

Armed Forces of Azerbaijan used "Utyos" large caliber machinegun

VTB Bank (Armenia) launches "Finding oneself in movie world is priceless" promo campaign for its MasterCard holders

Amulsar project groundbreaking event took place in Armenia

Regional

Zangezur Copper Molybdenum Combine has a new CEO

  • by Arthur Yernjakyan

  • Friday, June 27, 08:13

The largest mining enterprises in Armenia, Zangezur Copper Molybdenum Combine (ZCMC), has a new Chief Executive Officer - Neil Stevenson, who is the reprehensive of Cronimet Њining AG, the major shareholder of ZCMC, says the press release of the Cronimet Mining Office in Yerevan. 

The source says that the relevant decision was taken at the June 24 annual meeting of Zangezur Copper Molybdenum Combine in Yerevan. Stevenson has a huge experience in mining and he is also engaged in other mining projects of Cronimet. The shareholders decided to a set up a Board of Directors, which will be headed by Maxim Hakobyan, the former CEO. The meeting covered the results of the company's activities in 2013 and the development prospects. The shareholders qualified the ZCMC's activity over the past few years as positive and effective and praised the staff of the Combine. They also approved projects on technical expansion of the company and creation of new jobs, considered the further activity and outlined the key directions for further strategic development. 

Managing Director and Founder of Cronimet Mining Gunter Pilasky, CEO of Cronimet Mining Thomas Heil, ZCMC CEO Maxim Hakobyan and others attended the meeting.  

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 Mining (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. 
According to 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. Cronimet Mining also owns 51% of "Pure Iron Plant" OJSC's shares and 51% of ELBAT CJSC, an automotive battery production plant.

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