ArmInfo."The Republic of Armenia, its people are the owners of the Zangezur copper-molybdenum plant, is this not the return of the loot?" Asked Prime Minister of Armenia Nikol Pashinyan, on April 13 in Parliament, answering the question of the MPs.
Pashinyan also drew attention to the fact that 15 billion drams were paid to the state budget in the case of the Zangezur copper-molybdenum plant last month.
In early March, it was reported that the Investigative Department of the State Revenue Committee of Armenia managed to return an unprecedented 15 billion drams ($30 million) to the budget, hidden by the former leadership of the Zangezur Copper-Molybdenum Combine (ZCMC). It is noted that the money was returned from the personal funds of the former director of ZCMC . The report of the State Revenue Committee noted that tax arrears of such a large amount were formed due to the fact that the former head of this largest mining enterprise in Armenia, who is now charged in a relevant criminal case, conducted transactions with buyers of copper-molybdenum concentrate through front companies in the UAE, to which he sold the concentrate at significantly reduced prices. The latter resold it already at international prices directly to foreign companies - concentrate processors.
Head of the State Revenue Committee Rustam Badasyan, in an interview with journalists, said that the case of the plant is connected with the streaming agreements concluded between ZMMK and companies - registered in the UAE in 2016, under which the sale of concentrate was carried out through a middle link. Badasyan explained that ZCMC did not receive the funds that would have been received in real conditions at the final price, as a result, a liability for this amount arose. He noted that the ex-director of ZCMC was charged, he admitted it, specifying that he was talking about the director Mher Polozkov.
Zangezur Copper Molybdenum Combine CJSC (ZCMC) is the largest mining company in Armenia. The plant operates the Kajaran copper-molybdenum deposit. Provision of the plant with ore is about 150 years. The plant produces molybdenum and copper concentrates. Molybdenum concentrate contains 50% molybdenum, copper content in copper concentrate is not less than 15%.
In September 2021, Industrial Company JSC acquired a 60% stake in ZCMC and donated 25% of its share to the Armenian government. Thus, the Armenian government became the owner of a 15% stake in ZCMC, the management of which was transferred to the Armenian National interests Fund (ANIF) in January 2022, while maintaining state ownership.
