Monday, September 23 2019 14:20
Alina Hovhannisyan

Moody s assigned a B2 first-time corporate family rating to Zangezur  Copper Molybdenum Combine CJSC with outlook "stable"

Moody s assigned a B2 first-time corporate family rating to Zangezur  Copper Molybdenum Combine CJSC with outlook "stable"

ArmInfo. "Zangezur Copper-Molybdenum Combine" CJSC (ZCMC) is the first company in Armenia to be assigned an international corporate rating "B2" with  outlook "Stable" by Moody's Investors Service ("Moody's") , the  official statement of the company reads.

"It is noteworthy that the "B2" rating with a  "Stable" outlook is  equal to and higher than the ratings of such international mining  companies as the British First Quantum Minerals and Petropavlovsk  plc, the Canadian Eldorado Gold Corporation and Taseko Mines Limited,  and the American HudBay Minerals. Inc.", the statement reads. 

To note, the procedure of assigning the company an international  rating is related to the fact that in July the company announced its  entry into the bond market, having in advance setting the amount of  securities issue-50 million US dollars. The company does not provide  other information about the parameters of the bonded loan. According  to ArmInfo, "Ameriabank" acts as an underwriter and market-maker of  bonds.

To recall, the Zangezur Copper-Molybdenum Combine operates the  Kajaran Copper-Molybdenum deposit.  The plant's ore sources are  estimated to provide about 150 years of supply. The plant produces  molybdenum and copper concentrates. Molybdenum concentrate contains  50% molybdenum, the copper content in copper concentrate is at least  15%. The copper-molybdenum concentrate produced by the company is  delivered to Europe through Iran and Georgia.  The company's  shareholders are the German company Cronimet Mining (60%), Yerevan  Pure Iron Plant OJSC (15%), Armenian Molybdenum Production LLC and  Zangezur Mining LLC (12.5% each).  Products processed by the plant  are delivered to Europe.  In the first half of 2019, the Zangezur  Copper-Molybdenum Combine led the list of major taxpayers of Armenia,  having paid 29.5 billion drams to the state treasury in the first  half of 2019, of which 837.1 million drams - as customs duties, 17  billion drams - direct taxes ( including income tax, profit tax),  839.7 mln drams - as indirect taxes (including VAT, excise tax).

According to published data, as of January 1, 2019, the company's  assets amounted to 583.2 million US dollars. Liabilities amounted to  364.1 million dollars. Net profit for 2018 amounted to 32.1 million  dollars.  The company recorded positive dynamics in 2017, while at  the end of 2016, it had a net loss of $ 85 million.  The company's  revenue for 2018 amounted to 413.2 million US dollars. Last year's  gross profit was $ 200.1 million. Earnings Before Interest  Depreciation Taxes And Amortization (EBIDTA) was 7.77.  According to  the source, . To note, the rating  obtained by Zangezur Copper-Molybdenum Combine CJSC (ZCMC) is two  scales lower than the sovereign rating of Armenia assigned by Moody's  on August 27, 2019 (Ba3 - stable outlook).

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Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000