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Georgi Kolarov: The second Nagorno-Karabakh war is inevitable

Russian Embassy in Armenia gives a harsh response to the U.S. Embassy

Participants in Beeline's Fortune drawing campaign awarded prizes

Yerevan-Sevan-Ijevan-Azeri border highway to be open in late August

Armenian FM: Through its destructive stance Azerbaijan hinders the Nagorno-Karabakh peace progress

Up to 45% of Armenian citizens are potential emigrants

US Embassy urges Armenian businessmen to refrain from contacts with Russian companies

A leopard family in the south of Armenia gives birth to two cubs

Two Armenian soldiers die because of the Azerbaijani sabotage attack at the line of contact

Human rights activist Leyla and Arif Yunus are accused of secret collaboration with Armenian special services

Member-churches of World Council of Churches going to recognize Armenian Genocide in 2015

NKR foreign minister: Nagorno-Karabakh is where Europe begins

On Aug 2 South Caucasus Railway's commuter trains will be free of charge all over Armenia

Worker killed by a rock fall at perlite deposit in Aragatsavan

Azeris continue firing at Armenia's borderline villages

Serzh Sargsyan: OSCE Minsk Group has suggested principles that can serve as pivot for settling Nagorno-Karabakh conflict

Paruyr Hayrikyan: Armenia and Ukraine have a common "frenemy" in the person of Russia

Electric Networks of Armenia is going to dispute Public Services Regulatory Commission's decision to impose a 15mln AMD fine on it

Economist: In face of economic sanctions against Russia, it is necessary to speed up the process for creating Eurasian Economic Union

Economist: The West's sanctions against Russia will affect the Armenian economy

Rostelecom launches online payment service

Public Services Regulatory Commission of Armenia imposes a 15mln AMD fine on Electric Networks of Armenia

Oppositionist: Interests and viewpoints of Stepanakert do not necessarily coincide with those of Yerevan

Oppositionist: Interests and viewpoints of Stepanakert do not necessarily coincide with those of Yerevan

Ashot Manuicharyan: Armenian President's function is to answer "yes, sir!" and to go do it

Deputy Prime Minister of Azerbaijan criticizes the ICRC again

Nature protection minister charges to resolve problems of several tailing dumps on Syunik region

Official stance of VTB Bank OJSC and VTB Bank (Armenia) CJSC on U.S. sanctions

RPA member: Nagorno-Karabakh Prime Minister's statement had no message to negotiators

Ashot Manucharyan: Armenia may face chaos or isolation at any moment

Armenia joins World Day against Trafficking in Persons

Lake Sevan is among top ten attractions in post-Soviet preferred by Russian people

Leyla Yunus is at Prosecutor General's Office, Arif Yunus decides to "give up"

Pre-Parliament: The overarching goal for all Armenians is the formation of a representative government in Armenia

The OSCE is ready to assist in any way possible to stop the cease-fire violations in karabakh conflict zone, Andrzej Kasprzyk says

US Department of State: Media outlets of Armenia published inaccurate articles portraying religious minorities as criminals and spies

Levon Hayrapetyan loses consciousness on Wednesday morning

Public Services Regulatory Commission decides to reduce tariffs of some services of ArmenTel CJSC

Poaching and illegal hunting tours endanger birds in Armenia

The NKR premier: The Madrid Principles are certainly unacceptable to us

Armenian Copper Programme cuts blister copper production by 13.5%

VTB Bank (Armenia) confirms its leadership in lending

EY takes employees of Armenian ancestry back to their roots

Levon Hayraptyan's health much worse

Vahagn Hovnanyan: Oligarchs have full control of Armenian economy

John Heffern believes that Nagorno-Karabakh conflict can be resolved only through peaceful talks

In Oct 2014 Armenia to join UN peacekeeping operation in Lebanon

ICRC car fired at on Armenian-Azeri border

Artashes Shaboyan: Reduction in consumer demand has a negative effect on supermarkets

Shareholders of Zangezur Copper Molybdenum Combine hold a meeting

  • by Arthur Yernjakyan

  • Wednesday, June 25, 03:04

The shareholders of the Zangezur Copper Molybdenum Combine are meeting today to reelect their CEO, to optimize their expenses and to solve some other organizational problems.

ArmInfo's correspondent has failed to get details about the meeting nor has he received any information from the Armenian office of Cronimet Mining, a German company owning a 75% stake in the combine.

Meanwhile, some Armenian media report that the shareholders are not satisfied with the company's financial performance. They believe that it gives too high priority to social responsibility and propose cutting the staff and raising the efficiency. For the moment the company employs 3,200 people.
Some of the shareholders suggest relieving the company's CEO Maxim Hakobyan, who owns a 12% strake in the capital, of the duty to manage the company and to appoint him to chair the board. 

The new CEO has been selected through an international competition and will arrive with a team of some 20 people.
Some sources say that President of Cronimet Mining Gunter Pilasky believes that the company can be more efficient and that the Armenian authorities have too much influence on its work.

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. 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 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. 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.

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