Geopromining company fulfilling its investment commitments on  schedule - vice-premier 

ArmInfo.The main reason for the reduction in tax payments by Zangezur Copper-Molybdenum Combine  CJSC was the decline in world prices for copper and molybdenum, Armenia's Vice-Premier Mher Grigoryan stated on February 7 during government hour in the National Assembly of the Republic of Armenia.

According to him, world prices caused a 50% decrease in tax  contributions to the state budget. Another reason was the company's  repayment of previous debts and fines accrued on these debts in 2022.  However, as Grigoryan noted, the company's tax payments over the past  two years amounted to about $500 million.  If this figure is compared  with the previous three years, then three years ago the maximum  volume of contributions to the state treasury was no more than $60  million. "In any case, the volume of tax contributions from the  company is unprecedentedly high," said the Deputy Prime Minister.

Grigoryan also touched upon the investment obligations of the  GeoproMining company, which owns ZMMK, according to which it is  planned to build a low-power nuclear power unit and a copper smelter.  As the Deputy Prime Minister noted, the company is currently adhering  to the deadlines for implementing investment obligations. The  presented projects are very significant in scale and require research  and preliminary work. "We'll wait and see what will happen in the  end, especially since a lot has changed over the past time," the  vice-premier emphasized.

For the second year in a row, the Zangezur Copper-Molybdenum Combine  tops the list of the largest taxpayers in Armenia. According to data  from the State Revenue Committee, the company sent 70.8 billion drams  to the state treasury in 2023 (with an annual decline of 50.8%), of  which 5.2 billion drams were for customs duties, 27.1 billion. drams  - for direct taxes (including profit tax, income tax), 5.6 billion  drams - for indirect taxes (including VAT, excise tax).

GeoProMining Gold operates the Sotskoye deposit and the Ararat gold  recovery plant. In the fall of 2021, the company bought a controlling  stake in the Zangezur Copper-Molybdenum Combine, transferring part of  the shares to the Government of the Republic of Armenia (15% of their  total volume).