ArmInfo.Armenia, together with the main shareholder of GeoProMining, Roman Trotsenko, is working on a roadmap that will determine the actions of the parties to launch a copper smelter within two to three years. Other mining companies of the RA have also become interested in the project. Minister of Economy of the Republic of Armenia Vahan Kerobyan announced this to an interview with journalists on October 21.
According to Kerobyan, on September 20 - even before the official publication of the government's decision to accept as a gift a 25% stake in the Russian Industrial Company JSC, which is a 100% subsidiary of GeoProMining Armenia, he personally met with member of the Board of Directors of GeoProMining Roman Trotsenko on the sidelines of the Armenian-Russian business forum. During the meeting, issues of cooperation in the field of metallurgy, tasks for the construction of a copper smelter were discussed.
As of today, according to the Minister, it is still unknown who will be the owner of the future enterprise, who and what funds is ready to invest in the copper smelter, since other mining companies in Armenia have also shown interest in the project. Perhaps they will also be involved in the implementation of the project, Kerobyan said. ' The head of the Ministry of Economy greeted Roman Trotsenko's disposition to create an environment of partnership with the Armenian government and his decision to transfer 25% of his shareholding, that is, 15% of the total portfolio, to the government. " When we say government, we mean the people of Armenia.This speaks of the seriousness of its intentions," he explained. Commenting on the validity of the decision to entrust the authority to manage ZCMC shares to the Office of the Prime Minister of the Republic of Armenia, Vahan Kerobyan noted that the decision may be an intermediate one. "I think that a decision will soon be made about which body will manage (the affairs) - perhaps it will be the Ministry of Territorial Administration and Infrastructures, the Ministry of Economy, the ANIF fund or the same Office of the Prime Minister," he said.
Earlier it was reported that the Russian Industrial Company JSC, which is a 100% subsidiary of GeoProMining Armenia, became the new owner of 60% of ZMMC. On September 30, the RA government approved the decision to accept as a gift 25% of shares of Industrial Company JSC, which make up 15% of the total capital of ZMMC. As stated in the joint statement of GeoProMining and the Government of Armenia, member of the Board of Directors of GeoProMining Roman Trotsenko announced plans to expand cooperation with the Government of the Republic of Armenia, and this is the first step within a broader investment vision. "All this will benefit the Republic of Armenia, the people and our shareholders, as well as open up new opportunities for the Armenian economy. We intend to begin construction of a new copper smelter in Armenia in the coming years," Trotsenko said.
GeoProMining Group of Companies (GeoProMining) entered Armenia in 2007, with the acquisition of GPM Gold, which operates the Sotk gold deposit and the Ararat gold recovery plant. Then the company acquired the Agarak Copper-Molybdenum Combine. 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.
Zangezur Copper Molybdenum Combine CJSC (ZCMC) is the largest mining company in Armenia. The combine exploits the Kajaran copper-molybdenum deposit. The plant has been supplied with ore for about 150 years. The plant has been producing molybdenum and copper concentrates. 50% molybdenum, copper content in copper concentrate - not less than 15%.
