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by Arthur Yernjakyan
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.