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Mass media: Activist Ani Navasardyan detained on charge of provoking mass unrest

Serviceman of NKR Defense Army killed from adversary's shot

Group of journalists arrives at seized building of the Police Patrol Service Regiment

Investigative Committee: Charges pressed against three citizens of Armenia for participation in mass disorders

"Sasna Tsrer" released the rest two hostages -Osipyan and Yeghiazaryan

Russian Foreign Ministry criticized EU's statement on events in Yerevan

Major General Vitaly Balasanyan provides details of his meeting with "Daredevils of Sasoun"

Armenian Foreign Ministry verifying if there were citizens of Armenia among Munich shooting casualties

National Security of Armenia confirms: Members of armed group voluntarily release two of four hostages

National Security Service of Armenia says two persons tied to armed group detained

Nikol Pashinyan: Levon Ter-Petrosyan and Serzh Sargsyan plot yielding territories around Nagorno Karabakh to Azerbaijan

"Daredevils of Sasoun" reportedly releases two of four hostages

NKR Defense Army soldier wounded, as Azerbaijan violates ceasefire

Armenia and UAE sign agreement to boost and protect investments

Sharmazanov: It is more likely that Kura River changes its course and falls into Black Sea than Karabakh becomes part of Azerbaijan with any status

Galust Sahakyan: Talks on possible resignation of Armenian government are rumors

Russian political scientist: Destabilization of situation and pressure on authorities prevail in "Sasna Tsrer" group's actions

Statements that five districts adjacent to Nagorno Karabakh will be passed to Azerbaijan exert pressure on the process, Bryza says

Levon Ter-Petrosyan: It is senseless to analyze the reasons that led to armed seizure of state building

President: In Armenia problems are not settled through brutal force and hostage taking - this situation continues longer than we can afford

Serzh Sargsyan: Punishment of those guilty inevitable

Newspaper: After talks with "Daredevils of Sasoun," Vitaly Balasanyan met with Serzh Sargsyan

Social media warn: physical attack prepared on Nikol Pashinyan

Views from Tel Aviv: Loss of control over country may push external powers to settle Karabakh conflict not in favor of Armenian people

Armenia's Defense Ministry confirms: Azerbaijani side targets school in near border village of Movses

Maria Zakharova slams Armenian and Azerbaijani journalists

Azerbaijan keeps intensively violating ceasefire on Line of Contact

Republican Party of Armenia for peaceful resolution of standoff and hostage situation in Yerevan

Night was calm near seized building of Patrol Police Station in Yerevan

Government of Armenia dismisses idea of creating "Aviation Code"

Cyber security specialists to be trained in Armenia with support of Kaspersky Lab

Zakharova: Moscow hopes process around Nagorno Karabakh will not lose its dynamics

Paul Goble says Moscow has lost its interest in Christian Armenia and is moving to increase its ties with majority Shia Islamic Azerbaijan, Armenia's longtime enemy, and now with Sunni Turkey

Vartan Oskanian sees the solution to the current situation in Yerevan in political field only

Meeting of Vitaly Balasanyan and armed loyalists of jailed oppositionist is over; no details are reported

Maria Zakharova: We support measures taken by Armenia's authorities over seized Patrol Service Regiment in Yerevan

EU Delegation in Armenia makes a statement on recent events in Armenia

Forecast: Russian policy's stagnant Armenian vector fraught with "Ukrainization" of Armenia

Authorities send Vitaly Balasanyan to rebels as negotiator

View from Moscow: Role of April war in current protests in Armenia should not be underestimated

Healthcare Minister: None of those suffered in clashes at Khorenatsi Street is in extremely critical condition

Ara Abrahamyan: Situation in Yerevan demonstrates that there is a need for dialog between society and authorities

Azerbaijani side did not lead OSCE mission to its frontlines during planned monitoring of Line of Contact

Armenia's Economy Minister calls for tolerance and reasonableness

Analyst: In negotiations with Zhirayr Sefilyan's supporters authorities should consider factor of weapons fallen in the rebels' hands

Investigative Committee: 16 people arrested on suspicion of participating in mass disorder at Khorenatsi Street

In H1 2016, Anelik Bank increased deposit portfolio by 13.5% y-o-y due to significant growth of private deposits

Adversary continues to intensively violate ceasefire on Line of Contact

Armenian Police gives explanations related to clashes at Khorenatsi Street overnight

Police: 136 people detained following clashes at Khorenatsi Street

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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