Saturday, October 2 2021 21:31

ArmInfo. Prime Minister of Armenia Nikol Pashinyan received member of the Board of Directors of GeoProMining LLC Roman Trotsenko, the press service of the RA PM reports.

The interlocutors discussed the upcoming investment programs and  projects by the Zangezur Copper and Molybdenum Combine.

"I would like to welcome you and first of all thank you for donating  25% of the company's shares to the Republic of Armenia, as a result  of which the 15% of the ZCMC capital has passed to the Republic of  Armenia. We hope that all the agreements will be implemented and  brought to life, which is important not only for your company, but  also for our economy. We believe that the implementation of the  agreements will contribute to the strengthening and development of  Armenia's economy", PM Pashinyan said.  

In his turn, Roman Trotsenko said, ''Thank you for the constant  attention towards the mining sector of Armenia, where numerous  problems have accumulated during the last decades. We are happy for  the cooperation with the Armenian Government, which will allow to  stabilize the situation around the Combine, carry out large-scale and  long-term investment programs in Armenia's mining sector, the total  volume of which will reach around 4 billion USD. This will allow to  reprocess the product, build new production facilities and  copper-smelting plant so that Armenia will ba able to produce copper,  not concentrate, as well as a new nuclear power plant. As a result of  these programs new jobs and opportunities will be created which will  open new development paths''.

The Prime Minister noted that the construction of copper smelter  plant will lead to new demand for electricity. ''The successful  implementation of the programs is important for us and we hope that  they will give a new impetus for the implementation of the program of  constructing a new nuclear power plant in Armenia. The Republic of  Armenia is interested in that program and will support for its  maximally effective implementation'', Nikol Pashinyan said.

The Prime Minister expressed confidence that the donation of the 25%  of the shares of the company, which is the 15% of the total capital  of the ZCMC, will foster the public-private cooperation and the  future effective operation of the ZCMC.

The interlocutors also highlighted the timely implementation of  programs and agreed to cooperate actively in this direction.

GeoProMining LLC entered Armenia in 2007, with the acquisition of GPM  Gold, which develops the Sotsk gold deposit and the Ararat gold  recovery plant. Then the company acquired the Agarak copper-  molybdenum plant. The company has invested about $ 400 million in the  Armenian economy and has become the largest private industrial  investor in Armenia. The investments were aimed at technical  re-equipment and technological modernization of two enterprises.   Thus, the "GPM Gold" company became the first in the world, where the  innovative "Albion" technology for the processing of refractory ore  was successfully introduced. Agarak CMC has successfully completed  two stages of production modernization. GeoProMining is one of the  five largest taxpayers in Armenia. The company has also committed  more than  10 million US dollars to various social projects as part  of its Corporate Social Responsibility Program. To note, founder of  Geopromining Siman Povarenkin sold the company to businessman Roman  Trotsenko, who obtained the capital of the company in 2020.  

To note, Zangezur Copper Molybdenum Combine CJSC (ZCMC) is the  largest mining company in Armenia. The plant develops the Kajaran  copper-molybdenum deposit. The plant produces molybdenum and copper  concentrates.  Molybdenum concentrate contains 50% molybdenum, the  copper content in copper concentrate is not less than 15%.   Previously, the controlling stake in the enterprise (60%) belonged to  the German Cronimet Mining company. The new board of the company's  share capital, including the minority shareholders, is not yet known.