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Serzh Sargsyan: It might have been possible to prevent the crimes committed under veil of WWII had the crimes against humanity committed during WWI earned unequivocal international condemnation

Newspaper: Permyakov was not acquainted with Avetisyans family

India Ambassador to Armenia welcomes level of bilateral cooperation

Expert: Russia's every decision directly affects Armenia

Richard Giragosian: After aligning with EEU, Armenia faced security threats

Police: Valery Permyakov might have acted not alone

Armenian FM: Armenia's stance on Karabakh is similar to that of Russia, France and the United States

President of Armenia: We have prepared many surprises for hotheads in Azerbaijan

Expert: Defense capability of Armenian armed forces is much higher than offensive ability of Azerbaijan

Armenian FM: Armenia and Russia are unanimous that trial of the Gyumri murder case must be transparent

Political expert: Azeri provocations on the border occur following tragic events in Gyumri

Expert: Turkish president will not change his rhetoric on threshold of Centenary of Armenian Genocide

Edward Nalbandian: Doubts about Baku's reasonableness are growing with every passing day

SME representatives demand that Armenian Government should suspend Law "On Turnover Tax"

Three Azeri soldiers killed and two wounded as a result of ceasefire violation by Azerbaijan

Turcologist: No serious events in Armenia on threshold of Centenary of Armenian Genocide are observed yet

NATO plays no role in Karabakh conflict settlement but supports OSCE Minsk Group's efforts

Armenia's Defense Ministry: It was relatively calm on NKR-Azeri contact line last night

Retail gasoline prices drop again in Armenia

Over 20 members of ARFD break away from the party

Armenian MP: EBRD's forecast that Armenian economy will stagnate in 2015 was a political put-up job

Armenia's Defense Ministry: Armenian armed forces destroy a group of Azeri raiders in Tavush region

Armenia's involvement in Eurasian Economic Union does not look too promising

German Government considers Armenia's invitation to attend Apr 24 commemorations of 100th year of Armenian Genocide

Mammadyarov to meet with OSCE Minsk Group Co-Chairs in Krakow

A bas-relief of Lord George Gordon Byron inaugurated in downtown Yerevan near the head office of ACBA-CREDIT AGRICOLE BANK

Andrzej Kasprzyk: We are concerned over the situation at the line of contact

BirthLink and VivaCell-MTS continue their partnership to improve neonatal care in Armenia

Ameriabank signed the 80th deal under EBRD TFP

VTB Bank (Armenia) joins new system of money transfers BEST

ARDSHINBANK has strengthened its position among the top three of the banking system by all key indicators

Pascal Meunier: OSCE MG co-chair countries want resumption of dialogue

Reiner Morell: Germany is ready to show aid in Karabakh settlement whenever is a need

Each country is free to choose what event to attend, German Ambassador says on Erdogan's invitation

Armenian analyst: Azerbaijan may attack Artsakh and Armenia only if Russia gives it appropriate guarantees

Germany to continue its policy aimed at strengthening cooperation with Armenia

Robert Kocharyan: Armenia needs drastic changes but not a constitutional reform

Armenian Defense Ministry: Armenia's retaliatory measures to Azeri provocation will be tougher

Armenian expert: The tense situation in the Nagorno-Karabakh conflict zone has own logic of development, which has nothing to do with Russia- West relations

Seyran Ohanyan considers full-scale military operations in Karabakh conflict zone to be low probable

Two Armenian servicemen killed as a result of a new Azeri sabotage attack

Member of Russian parliament does not rule out handing over of Permyakov to the Armenian party

Armenian expert: The tense situation in the Nagorno-Karabakh conflict zone has own logic of development, which has nothing to do with Russia- West relations

Angela Merkel falls victim of Azerbaijani misinformation

Edward Sharmazanov: Traditionally, Baku distorts both the reality and the negotiating process

ProCredit Bank appears with innovative and modern solutions

Analyst: It is the West rather than Russia that can be considered Armenia's ally restraining Azerbaijan and Turkey

USAID-FED: Armenia need radical reforms in SME financing

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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