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Frontier Department of Russian Federal Security Service is always ready to defend state border of Armenia

Dashnaktsutyun: Many in power circles oppose constitutional reforms because they benefit from current situation

Zhirayr Sefilyan: Most of armed group members detained by National Security Service are victims

President of Football Federation of Armenia says no one should edge into his talk with national football team

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Republican Party says forces opposing parliamentary system of government once advocated for it

Zhirayr Sefilyan: Serzh Sargsyan will have to choose between fate of Ceausescu and Yanukovic

Armenian MP: Downing of Russian plane draws world's attention to problem of Turkey's cooperation with terrorists

Yevgeny Kaspersky: Armenia has to enlarge quantity of skilled specialists through advanced educational programs

Hovik Abrahamyan is sure that 30% of Shirak's population will vote "for" constitutional amendments

Union of Armenians of Russia supports Russian lawmakers' bill penalizing Armenian Genocide denial

Players of Armenian football team deny accusations by Ruben Hayrapetyan

New Armenia Front ready to assist law enforcers in public order and national security enforcement

Maria Zakharova: Turkey's stab in the back of Russia will not be left without response

Russian experts: Turkey will not go beyond inflammatory rhetoric in Karabakh issue

FPWC and VivaCell-MTS provide street lighting to Gomq community of Vayots Dzor region,

Sociologist: One-third of enterprises registered in SME segment of Armenia do not function

Defense Ministry: Nothing threatens Armenian peacekeeper's life in Mali

Syunik Governor says residents in his region will sure vote for Constitutional amendments

Rostelecom to hold events enhancing computer literacy in Armenia

Ameriabank signs 25 mln USD syndicated loan agreement with FMO and OeEB for financing of SME and renewable energy

Ucom subscribers can pay for services at VTB Bank (Armenia) round the clock

Baku criticizes Russia24 channel

Prosecutor General's Office institutes a criminal case based on files submitted by Levon Zurabyan

Beeline Armenia CEO presented "Success Path" lecture for Leaders' Club members

National Philharmonic Orchestra has marked closing of concert season 2015, emphasizing role of VivaCell-MTS in implementation of initiatives of orchestra

Court upholds motion of Armenia's National Security Service to arrest Arthur Vardanyan

All countries of CIS Inter-Parliamentary Assembly, except Azerbaijan, condemn downing of Russian plane by Turkey

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Naryshkin to Ankara: Crimes of the past should be condemned properly

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Expert: Promises of paradise in Armenia "roam" from one constitutional referendum to another

Yerevan: Selective approach to principles and elements in Karabakh peace process will make settlement impossible

Illegitimate regime that seized power in Armenia must leave: Raffi Hovannisian

New Armenia Front: Zhirayr Sefilyan's wife attacked

Zhirayr Sefilyan: KGB-style government in the country remained in the past

INECOBANK launches "InecoQuest" adventure contest under "Open the cashbox full of millions" motto

Geoteam CJSC invested 240 thousand USD in its social projects in 2015

VivaCell-MTS: From now on "Personal", "City Talks" and "Special" tariff plans are also available to non-residents living in Armenia

German Ambassador: Terror attacks in Paris were aimed not only against France but all Europe and pan- European values

Armenian National Congress: Information that one of criminal group's detainees is connected with opponents of Constitutional reforms is dirty propaganda

Call Center of VTB Bank (Armenia) daily serves an average of 3000 incoming and outgoing calls

Beeline "Call Me +" service subscribers can send messages abroad requesting to call back

Levon Zurabyan to provide Prosecutor General with video showing attempts to bribe "No!" Front proxies

Minister says situation around Football Federation of Armenia will come to light soon

SCR achieves profitability due to rigid balance between revenues and expenses and launch of resource- saving projects

Deputy Minister of Foreign Affairs of Armenia welcomes possible criminalizing of Armenian Genocide denial by Russia

Deputy Foreign Minister: Use of Russian military base in Armenia should be agreed with Armenia

Hovhannes Sahakyan to Levon Ter-Petrosyan: Profound Constitutional reforms will help Armenia to counter external challenges

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.

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