Newsfeed

Renewed commitment at the highest level needed for Karabakh conflict settlement, Warlick says

Russia is responsible fulfilling its duties in Karabakh peace process

NKR Defense Army repels one more sabotage attack of Azerbaijani troops

Turcologist: Holding Off-Year Parliamentary Elections in Turkey Seeks to Transfer the Country into Presidential Government

VivaCell-MTS and Fuller Center for Housing Armenia Continue Partnership

VII PanArmenian Barbeque Fest to Take Place on Sep 12

Heritage to take no part in discussions on constitutional reforms with President

Stepanakert: NKR Defense Army keeps a tight rein on adversary

Manvel Sargsyan: Constitutional referendum is aimed at destroying the basis of Armenian statehood – the presidency institution

U.S. Ambassador: "One of the most effective drivers of cooperation is common business interests"

Gevorg Kostanyan requests his Azerbaijani colleagues to inquire into death of Armenian citizen Karen Petrosyan

Artak Zakaryan: We will be following Venice Commission's recommendations as much as they will meet our traditions and mentality

VTB Bank (Armenia) most recognizable bank brand in Armenia

Ucom not Clear about Orange Brand Future

Russian Air Carriers to Raise Air Ticket Prices again

Air Armenia Company embarks on second phase of overcoming stress period

Armenian Foreign Ministry has no data so far if there are citizens of Armenia among affected people in storm-stricken Batumi

Anelik Bank implemented a joint Hotel Express VISA Gold card

Expert: The new RA Constitution shall affirmatively authorize the same-sex marriage

Internet in the 37497 mobile networks

Prosecutor General's Office: No criminal case will be opened on the matter of beating of Air Armenia owner

So far the environmentalists have no response from the Prime Minister on restoration of the Iranian Urmia lake at the expense of Sevan

Applications for "Certification of Organic Agricultural Product" Contest now Available on ACBA-Credit Agricole Bank Website

Beeline expands mobile coverage in Yerevan and Aragatsotn

Levon Zurabyan: ANC Declining Serzh Sargsyan's Invitation to Participate in Discussions on Constitutional Reforms

ACBA ON-LINE system is replenished with a new feature - from now on all ACBA ON-LINE users have an opportunity to make transfers from their card accounts

Venetian Commission: We will not Fuel Debates among Political Powers of Armenia.

Iranian Ambassador: Tehran began to pay more attention to Karabakh peace process

Artsrun Hovhannisyan to Zakir Hasanov: Self-deception not the best way to work

Georgian Foreign Ministry condemns restoration of Abkhazian railway

Newspaper: Company of former member of Republican Party, MP Tigran Arzaqantsyan turns bankrupt

Palestinian Embassy in Azerbaijan says Palestine will not open embassy in Armenia

Volunteers from the Diaspora hosted at VivaCell-MTS headquarters

Over 6 thousand children from Tavush will undergo free ophthalmologic examinations thanks to Orange Foundation

VTB Bank (Armenia) launches Anelik-Visa Direct service - transferring money directly to Visa accounts

Economist: The Regulator probably retains the USD agiotage

Orange Foundation supports "Lunettes pour l'Armenie" program in Tavush

ARFD: If draft new Constitution is passed, Republic Party will lose its power in three years

Areximbank-GPB Group looks to develop SME finance as promising sector

Russian businessman German Sterligov weighs lawsuit against Azerbaijan at ECHR

Regional

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.

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields