Vardan Janyan: Despite its significant contribution to economic  development and tax base, Armenia`s mining industry stagnating since  2014-2015

ArmInfo.Despite making a significant contribution to the country's economic development and  tax base, Armenia's mining industry, unfortunately, does not fully utilize its full potential according to international standards. This was noted by Vardan Janyan, First Deputy General Director of the Zangezur Copper and Molybdenum Combine (ZMMC) and President of the Union of Miners and Metallurgists of Armenia, during his report at the Mining Armenia Forum.

In particular, he said that since 2014-2015, the mining sector has  been stagnating and has not been able to achieve significant growth  in overall volumes of ore processing. Janyan noted that from 2015-17,  only one company registered growth, but then it returned to the  2013-2014 figures.   he emphasized.  The head  of the Union also said that the mining sector accounts for 5 to 15%  of the total taxes collected in the country. This percentage does not  even include the multiplier effect of the sector itself. He pointed  out that the industry today pays more taxes than all other operating  enterprises and individuals in Armenia combined, a trend that has  been consistent since the early 2000s.

, Janyan noted. Despite the enormous potential and good raw  material base, in his opinion, Armenia still has a lot of work to do  to advance the sector and achieve significant economic growth.  He  pointed out several options, including launching new deposits like  Lichk, Amulsar; increasing productivity at existing ones such as  Agarak, Kapan, Kajaran, Teghut, and starting new deposits. While the  last option is a lengthier process, it is an important area that  deserves attention.