Newsfeed

ACBA-Credit Agricole Bank sums up CASHBACK QUEST results

Social Democratic (Hnchakyan) Party (SDHP) urges Armenia's leadership to inform the world community of Ankara's intention to seize Kessab

Heritage: Shant Haroutiunyan was convicted after Serzh Sargsyan's notorious speech at Columbia University in U.S.

Eduard Sharmazanov: Fairy-tales of the Turkish authorities about the Armenian genocide are simply funny

Between October 25-31 the 6th edition of ReAnimania to be held in Yerevan

Opposition MP Nikol Pashinyan urges Armenian Parliament to define concept of political prisoner

Armenian National Congress to do its best to free Shant Harutyunyan and his friends

Expert: Armenia's path and prospects in Eurasian Economic Union are vague

MP: Armenia, which has a ruined agriculture, can offer nothing to Eurasian market

Orphan Rug showcase in Washington is connected with tension in Turkish-US relations, Turkish media report

Naira Zohrabyan: Verdict against Shant Harutyunyan demonstrates that Armenia's judicial system is not independent

Armen Martirosyan: Armenian authorities do not want Armenia to lag behind Azerbaijan by number of political prisoners

OSCE MG Co-Chairs discuss preparations for upcoming summit hosted by French President later this month in Paris

VivaCell-MTS is the General Partner of the International Microelectronics Olympiad of Armenia

Beeline awards winners of My Beeline Armenia contest

RA Ombudsman Karen Andreasyan hosted at VivaCell-MTS

Armenia presents books on Armenian Genocide at Frankfurt Book Fair

Leader of Tseghakron Party Shant Harutyunyan sentenced to 6 years in jail, his son given a 4-year suspended sentence

Habitat for Humanity Armenia with the support of INECOBANK repairs entrances of apartment house in Yerevan's Shengavit community

Tatul Manaseryan: Armenia must not cherish hopes that EEU membership will give it more investments

Raffi Hovannisian hopes the opposition's steps will be clarified on October 24

Alexander Iskandaryan: Peace and war are the two things Russia does not need in the South Caucasus

VTB Bank (Armenia) reopens three more renovated branches

VTB Bank (Armenia) reopens three more renovated branches

Lydian International expected to launch gold recovery in Armenia in first half of 2017

Howard Stevenson: Amulsar Gold Project will change "bad reputation" of mining industry in Armenia

Yerevan: Baku's statements once again show Azerbaijan's dalliance with the upcoming Sargsyan - Aliyev meeting in Paris

Ambassador: Festival of Iranian film to be held in Yerevan

Kirsan Ilyumzhinov: Love for chess is in Armenians' blood

Heritage Party: Agreement on Armenia's accession to Eurasian Economic Union is non-constitutional

INECOBANK and Rostelecom issue a joint credit card for Rostelecom subscribers

Artak Zakaryan: Armenia is ready to cooperate with the EU in all the fields possible

Ariel Cohen: Putin may be compensating for reputational damage to Russia in the conflict in Ukraine by trying to resolve the Karabakh conflict

CoE Venice Commission welcomes Armenian authorities' idea of Constitutional reform

Armen Gevorgyan steps down as Deputy Prime Minister of Armenia

Deputy Friendship Group with Nagorno Karabakh set up at European Parliament

Cronimet Mining Company plans $200 million investments in construction of tailings disposal facility in south of Armenia

Politician: EEU is a good opportunity to boost economic development of Armenia

Zangezur Copper Molybdenum Combine has a new CEO

  • by Arthur Yernjakyan

  • Friday, June 27, 03:13

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