Newsfeed

Minister promises fair and mutually acceptable decision on the law "On temporary incapacity for work"

Naira Zohrabyan suggests inquiring into financial frauds by wife of ex Finance Minister

New opposition four to start drawing out alterations to Electoral Code

Newspaper: New scandal brewing around funded pension in Armenia

Brazilian Film 'Boy and the World' animated film - winner of Armenian Animation Festival ReAnimania

Galust Sahakyan: EEU is an effective platform for resolving of many problems against the background of global economic crisis and political tension

Mobile Radio available for Beeline subscribers

Yerevan: Issue of the sale of Russian military hardware to Azerbaijan is always on agenda of Armenian- Russian relations

Political expert: Ukrainian crisis is re-occurrence of conflicts of early 1990s and 08.08.08 war

View from Yerevan: Ukraine and its two regions are like a suitcase without a handle

Armenia's Deputy FM: As long as Azerbaijan continues to be non-constructive, there will be no progress in Nagorno- Karabakh peace talks

Till Dec 31 2014 Ameriabank will offer 1% bonus for mortgage loan transferred from another bank

AmCham elects Tigran Jrbashyan as its President

Owner of Old Erivan Holding: From moral point of view, my letter to the President is the last step in my fight against Unibank

Expert: Oligarchs and corruption are an even bigger threat for Armenia's national security than Turkey and Azerbaijan combined

Gevorg Kostanyan: The Shant Harutyunyan case is not politically charged

ProCredit Bank reopens renovated Artashat branch

Sharmazanov: In today's interview Gagik Tsarukyan repeated its speech at Oct 24 rally but in an easily defined form

Nikolay Ryzhkov: Nagorno-Karabakh may join EAEU after its final status is determined

Prices for meat products may grow in Armenia

Ardshininvestbank reopens its new and reconstructed Shengavit Branch

Prosperous Armenia Party has not yet determined its position regarding Armenia's joining Eurasian Economic Union

Elmar Mammadyarov: Azerbaijan is ready to start the work on the project of a great peace treaty

Azerbaijani diversionists blame their liquidated comrade Hasan Hasanov for murdering Karabakh civilian

Armen Gevorgyan appointed Head of IDeA Foundation

ArmSwissbank and Management Mix intend to set up an investment management company

Winners of "Open Game 2014" Championship of Computer and Mobile Games already announced

Ameriabank confidently strengthens its leading positions

VivaCell-MTS provides a diesel generator set to Ministry of Emergency Situations for uninterrupted operation of backup server

New garbage dump to be opened in Yerevan

The UK would not like Simferopol-Yerevan flights to be launched

Beeline and Edward Mirzoyan String Quartet announce extension of their cooperation.

Air Armenia suspends passenger operations

Head of Armenian CEC unaware of opposition's plans to organize snap parliamentary elections

Armenia's deputy finance minister does not rule out growth of prices after Armenia's joining Eurasian Economic Union

British and German Ambassadors hope Ankara will make a step towards normalization of relations with Armenia in future

David Harutyunyan: Bi polar political system is being formed in Armenia

Ukraine's Ambassador refutes reports on opening of Yerevan-Simferopol flight

Washington not commenting on Azerbaijani saboteurs' trial

Newspaper: Armenian National Congress and Heritage Party fail to persuade Leader of Prosperous Armenia Party to launch sit-down strike in Liberty Square

Edward Nalbandian says Sargsyan-Aliyev meeting in Paris was a step towards rapprochement of the two countries' positions

Analyst: There are no idiots in Russia today

Handset, tablet and internet modem repair and service center is now available in the Orange Flagship store

"Beeline Child Development Centers" opened in Ararat region of Armenia

Monitoring Report on the Agreement between EU and Armenia on Facilitation of Issuance of Visas presented in Yerevan

VivaCell-MTS implements the 6th draw "365"

Eduard Sharmazanov: It is impossible to speak of compromises if Baku rattles the sabre

Ivan Kukhta: 70% of citizens of Ukraine in Armenia supported the course of the president and government of Ukraine

Special Investigation Service of Armenia initiates criminal case regarding incident that occurred to ASALA veteran

Results of Sargsyan-Aliyev Paris meeting summed up

Exclusive

Ashot Manucharyan: It is very much dangerous and senseless to lead Russia to war readiness

Tigran Khzmalyan: Armenia has linked its Noah's Arc to Russia's sinking Titanik that is still selling tickets

Alexander Iskandaryan: Peace and war are the two things Russia does not need in the South Caucasus

Ariel Cohen: Putin may be compensating for reputational damage to Russia in the conflict in Ukraine by trying to resolve the Karabakh conflict

Hovhannes Igityan: Serzh Sargsyan’s geopolitical choice is an obstacle for investments in Armenia’s economy

Andrey Areshev: Russia wants to see Armenia as its strong and dynamically developing ally in the South Caucasus

Vahan Vardapetyan: October 10 will become the day of culmination of consolidation of the society around the Armenian centrist parties

Manvel Sargsyan: The myth of Russia's importance for Armenia is based on the formula "We will defend you"

Thomas De Waal: The society and power in Armenia and Azerbaijan are strongly linked by a vicious circle

Ukraine’s Ambassador to Armenia: The next phase of development of the Ukraine-EU relations may be only Ukraine's EU membership

Hakob Andreasyan: Current reforms are as important as those conducted in privatization period

Hakob Andreasyan: We try to ring-fence farmers from untypical risks

Giorgi Gvimradze: Russia's fate hangs in the balance in Ukraine

In NK peace, it is necessary to pay attention to other processes in Scotland and Catalonia

Armenia’s ex Defense Minister: We have enough options to advance to the north of Azerbaijan

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