Monday, September 30 2024 19:45

ArmInfo. We are entering the second copper-bronze age, because according to all forecasts,  copper, molybdenum and a number of other metals will become the driving force of the economy.

This was noted by Vardan Janyan, the  first deputy general director of the Zangezur Copper and Molybdenum  Plant (ZCMK) and president of the Union of Miners and Metallurgists  of Armenia during his report at the Mining Armenia Forum.  Referring  to the forecast from S&P Global, he noted that by 2035, the demand  for copper will double, while supply will fall behind. Therefore,  there will be a copper deficit in global markets by 2035. In  particular, in the event of low productivity, the deficit, as stated  by Janyan, will be 9.9 million tons, and even with high productivity,  it will be 1.5 million tons. The deputy head of ZMMC mentioned that  the current volume of world production is about 20 million tons.

Noting that the copper deficit will lead to very high prices, Janyan  noted that all forecasts indicate that great opportunities will be  created for copper producers in the next few years.  At the same  time, the head of the Union also mentioned molybdenum, calling it the  second most important metal in Armenia. In particular, he emphasized  that molybdenum is one of the critical metals necessary for the  transition to green energy.  , he noted.

At the same time, Janyan debunked the myth that Armenia accounts for  7-8% of the world's molybdenum production. , he concluded.  According to  data from the RA Statistical Committee, during the reporting period,  copper concentrate production in Armenia increased by 14.5% per annum  in January-July (against a decline of 21% a year earlier), amounting  to 173 thousand tons.  At the same time, the annual dynamics of  molybdenum concentrate production worsened - from 2.7% growth to  39.7% decline, amounting to 9.7 thousand tons.