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Deputy Speaker of Armenian parliament: Azerbaijani lawmaker's proposal on joining Syunik region to Azerbaijan is absurd

Head of Armenian parliamentary committee: Armenia can buy weapons from any country it wishes

New Bill on military service to be put on agenda of Armenian parliament in 10 days

Source in General Staff of Azerbaijan says April aggression cost Azerbaijani army 800 soldiers

Turkologist: Reason behind Davutoglu's resignation was his increased authority in the West after the "migration deal"

Russian Foreign Ministry official representative: Status of Nagorno Karabakh should be determined on the basis of a legally binding expression of will

K-Telecom takes a decision to cancel fines imposed on subscribers of Artsakh

VTB Bank (Armenia) funds restorative treatment for 60 children suffering ICP

Artsakh Defense Army considers Azerbaijan's statement about its readiness to start military operations 'at any moment' to be silly

Bill on recognition of Artsakh's independence to be discussed in Armenian parliament neither at upcoming extraordinary nor four-day sessions

Beeline changes its real estate sales conditions

Unpunished "odometric" fraud as source of wealth of Armenian security forces

German MP: Bundestag to approve resolution on Armenian Genocide on June 2

Arman Melikyan: Without Aliyev in power in Baku, Moscow will have to forget about its control over South Caucasus

Armenian Prime Minister: Government is ready to support mining sector enterprises

Yerevan: Government has not approved bill "On Recognition of the Republic of Artsakh"

New service from VivaCell-MTS: "Deactivation of Internet roaming"

Moscow hopes Karabakh conflict parties will evade steps that can break fragile truce

Yazidis of Armenia ask President and Prosecutor General of Armenia to release Jndi Amaryan

Azerbaijan's Foreign Minister welcomes Lavrov's stance on Bill recognizing Nagorno-Karabakh's independence

Desir about Karabakh conflict: Sides do not wish to return to negotiations table

Ucom is awarded "Top Employer Armenia 2016"

Defense Ministry of Azerbaijan creating more reserves for longer war and declares re-enlistment

Zaruhi Postanjyan has received calls from other countries' foreign ministries about their willingness to recognize independence of Artsakh after Yerevan

MP: Recognition of NKR's independence will not result in a new upsurge in violence

Political analyst: Creation of mechanisms to inquire into incidents on border will work in Baku's favor and help it break the deadlock

Armenian Government approves a conclusion on bill "On Recognition of the Republic of Artsakh"

Artsakh Foreign Minister: Successive international recognition of Artsakh will launch in the nearest future

Yerevan stands for implementation of confidence building measures and expansion of authorities of team of Personal representative of OSCE Chairman-in-Office

From now one Beeline subscribers can make free calls to service center from anywhere in the world

Russian analyst says Levon Ter-Petrosyan's "groundwork on Karabakh" may become useful

Economy Minister assured that he will make every effort to save Nairit Plant

Seyran Ohanyan holding close meeting with MPs in Armenian parliament

Richard Giragosian says Azerbaijan's new attack on Artsakh is a matter of time only

Nubarashen penitentiary head's powers temporarily terminated

Microsoft representative rates cyber security level in Armenia as average

Iran's Ambassador to Baku says his country supports Karabakh conflict's settlement on basis of territorial integrity principle

David Babayan: Armenia should not be the first country to recognize the NKR

Expert: Karabakh conflict zone to experience even more escalation

Azerbaijani media: Russian arms supply to Azerbaijan continues

Karabakh conflict should be resolved locally, Director General of the United Nations Office at Geneva says

Baku: Recognition of Karabakh's independence will put an end to OSCE Minsk Group process

It becomes known who of Armenian lawmakers is victimized by blackmailers

Director of Analitik.am detained on suspicion of blackmailing

Garo Paylan says he has underwent violence because he is Armenian

Government of Armenia to discuss Bill recognizing independence of Nagorno Karabakh

The last breathe of bankrupt Nairit Plant: once chemical giant will remain without employees on July 1

Artsrun Hovhannisyan: Armenian armed forces constantly replenished with ultramodern weapons

Armenian Defense Ministry Spokesperson: Azerbaijani side is pulling more forces and military hardware to Line of Contact

On May 9, Veterans of the Great Patriotic War can travel by South Caucasus Railway electric train free of charge

Regional

Shareholders of Zangezur Copper Molybdenum Combine hold a meeting

  • by Arthur Yernjakyan

  • Wednesday, June 25, 08:04

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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