ArmInfo.The performance of the Zangezur Copper Molybdenum Combine is impressive. Minister of Territorial Administration and Infrastructures Gnel Sanosyan stated this on April 20 at an extraordinary session of the RA National Assembly.
According to him, only last year ZCMC paid about 144 billion drams in taxes. For comparison, the minister cited the volume of tax deductions of the company in 2021, which amounted to 48 billion drams. Such a significant growth, as the minister noted, is connected with the participation of the government in the authorized capital of ZCMC. "The quality of management of the plant has improved by joint efforts, the Cabinet of Ministers is assisting the enterprise on many issues," Sanosyan emphasized, adding that the current management model of ZCMC justifies itself.
At the same time, he pointed to the rise in world prices for metals. "I hope that in the future the management model will be constantly improved, and world prices will be at such a level that the company will receive large profits and make large-scale tax deductions to the country's budget," Sanosyan said.
He added that the deal with ZCMC has become a good example for other companies - minerals developers, who saw how the state, implementing a flexible policy, can contribute to the development of companies and the sector as a whole.
There are already such companies that offer the state part of the shares, hoping that the Cabinet of Ministers will assist them on a number of issues. A clear example of this is the recently signed memorandum with the Lydian company, which is developing the Amulsar gold mine, according to which the government will receive 12.5% of the company's shares.
Industrial Company JSC, affiliated with GeoProMining, which has been operating in Armenia for over 15 years, acquired a 60% stake in ZCMC and donated 25% of its share to the Armenian government on September 30, 2021. On March 24, 2022, the government received a gift of another 6.875% of the shares, thus becoming the owner of 21.875% of the shares or 1/5 of the share in the plant.
