ArmInfo. The largest mining enterprise in Armenia, Zangezur Copper Molybdenum Combine, presented its first ESG report today. The event, organized by the Union of Miners and Metallurgists of Armenia, took place at the Polytechnic University of Armenia and was dedicated to the 70th anniversary of the establishment of the ZCMC.
The conference raised issues related to the priorities of sustainable development of the mining industry in Armenia, as well as global challenges and trends in subsoil use. <It is encouraging that the management of the Combine welcomes any initiative aimed at developing the community, and that the relationship between the community and the Combine is constructive and effective. The role of the plant in creating jobs in the country is indisputable. Thanks to the company's activities, thousands of citizens are employed," Minister of Territorial Administration and Infrastructures Gnel Sanosyan said in his speech, noting the importance of discussing issues of sustainable development, environmental and social responsibility in the industry.
"The mining industry accounts for an average of 40% of Armenia's exports. Moreover, according to the results of the first nine months, the industry provided about 20% of budget revenues. ZCMC paid about 130 billion drams in taxes. That's more than the next six largest taxpayers combined. Good governance, maintaining stable and constructive industrial relations, as well as taking environmental and social issues seriously are now key issues to be addressed by responsible companies.
Therefore, ZCMC pays the most serious attention in its activities and will always pay attention to the abovementioned aspects>, Roman Khudoli, CEO of the plant, president of the GeoProMining group of companies said.
It was noted at the conference that this report on sustainable development was prepared under the former management of the Combine, but the new management of ZCMC decided to publish it, taking it as a starting point. From now on, the company will submit an annual sustainability report.
It should be reminded that GeoProMining Group of Companies, one of the largest industrial investors in Armenia, has been operating in the country for 15 years. The Armenian assets of the group consist of the Sotk Gold Mine, the Ararat Gold Mining Plant and the Agarak Copper-Molybdenum Combine. Over 15 years of operation, the group has invested more than 400 million US dollars in the modernization of its Armenian enterprises. The amount of the Group's social investments in the development of the regions where it operates exceeds USD 10 million. In September, Industrial Company managed by GPM Group, acquired a 60% stake in the flagship of the mining industry in Armenia, the Zangezur Copper-Molybdenum Combine, transferring a 25% stake from its share to the Armenian government, the management of which was transferred to the Armenian National Interests Fund (ANIF) in January 2022, while maintaining the right of state ownership.