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Cemil Cicek: there are those trying to deceive the world by leading them to believe that Turkey committed genocide in 1915

Former foreign minister of Armenia international statements on incident with Armenian helicopter contained as never harsh criticism of Azerbaijan

Alexander Krylov: Problems in Russia’s relations with Untied States and EU in favor of global caliphate

Expert: An "open sky" policy was imposed on Armenia by the IMF and WB

Prime Minister of Armenia: Sudden devaluation of the Armenian dram will have an adverse effect on people's well-being, but positive effect on exporters

Azerbaijan involves Ukrainian journalists - the authors of the TV programme about Karabakh in the black list

Newspaper: ARF Dashnaktsutyun Party suffering from infighting

Hovik Abrahamyan: Government of Armenia is determined to conduct a policy of constructive engagement with the opposition

Cars of four oppositionists burnt in Yerevan

Shenik community kindergarten renovated with support of Beeline and COAF

Seyran Ohanyan: Baku should pay for its provocations

Yerevan has been negotiating with Russia on opening of a separate terminal for the cargo companies of Armenia at "Verkhniy Lars" check point

Jirayr Sefilyan: The reason of Baku's impudence is unwillingness of the Armenian parties to start the war

VivaCell-MTS implemented the November draw "365"

UNESCO puts an end to the arguments between Armenia and its neighboring states around lavash.

Armenian Parliament Commission for Economic Affairs endorses agreement of Armenia's accession to EEU

Gagik Minasyan: International community's no-address statements on Mi-24 helicopter incident will have serious consequences

Local producers in Armenia face problems as purchasing power in Russia falls and the Russian ruble depreciates

Orange Kino service now available as well in Cinema Star

Human rights defender: "Armenia shouldn't rush into responding to Azerbaijan "

Yerevan: The sooner Baku realizes impossibility of military resolution of Karabakh conflict, the faster the talks will lead to its final resolution

Human rights defender: Azerbaijan is colony of British Petroleum

Snow blocks Sotk-Karvachar road

Magnitude 2.6 earthquake hits Armenia

Central Bank of Armenia sees no serious inflation risks with changing national currency rate

Artsakh Defense Minister: Official investigation will give answers to all questions about downing of Armenian helicopter by Azerbaijan

Views from Moscow: Russian-Abkhazian treaty shot down project of railway to Armenia via Abkhazia and Georgia

Russian expert: Small countries should be maximally neutral in the cold war between the West and Russia

Russian expert: Project of unblocking of Armenia still has all chances to succeed

Russian expert: Format of military-political and economic union with Russia is convenient for ensuring Armenia's multi-level security

Beeline launches NON-STOP service

Russian expert: The US pressure upon Tbilisi hinders opening of the railway to Armenia

Elbat CJSC is planning to increase output by 30% in 2014

Beeline announces some changes in a number of mobile tariff plans

More than 21'000 people have visited www.orange5.am website and more than 4'100 shared their ideas for future

Putin stresses the need to open Abkhaz railway section

Experts: Sharp growth in USD exchange rate in Armenia is of adjusting nature

Taner Akcam sees connection between Genocide in Turkey 100 years ago and similar acts today committed by contemporary Islamist terrorists in Syria and Iraq

Expert: Turkey may ratify one of the Zurich Protocols in 2015

Zdzislaw Raczynski: The Association Agreement with EU would open more opportunities for Armenia

Defense Ministry: Military Honors Funeral to pilots of downed Mi-24 helicopter scheduled for 24 November

Armenia's deputy minister of defense informs Ambassador Kasprzyk of details of latest special operation to recover bodies of Mi-24 helicopter crew

Zdzislaw Raczynski says Poland remains committed to its principles in NK problem, that is, not to arm conflicting parties

System of a Down to perform in Yerevan in 2015

Fundamentally, Armenia may be pro-Russian but it does not mean that it may be pro-Putin, Richard Giragosian says

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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