ArmInfo. The Republic of Armenia received about 44 billion 406 million drams ($113 million) in dividends for owning 21.87% of the shares of the Zangezur Copper and Molybdenum Combine (ZCMC). Prime Minister Nikol Pashinyan announced this on July 3 on a social network.
"This week, the Zangezur Copper and Molybdenum Combine paid dividends to the state budget of the Republic of Armenia in the amount of 11 billion 156 million drams for the year 2024. The Republic of Armenia received about 44 billion 406 million drams (113 million US dollars) in dividends starting from 2022," he wrote.
Earlier, Industrial Company JSC acquired 60% of ZMMC shares and donated 25% of its share to the Armenian government on September 30, 2021. On March 24, 2022, the government received another 6.875% of the shares as a gift, thus becoming the owner of 21.875% of the shares or 1/5 of the share in the plant.
In December 2024, Nikol Pashinyan reported from his Facebook page that ZMMC transferred 33 billion 249 million drams to the state budget as government dividends. "Please note that this is plus the taxes paid as a share of the profit, because since 2021 the government has been a shareholder of ZMMC, as I promised," the Prime Minister noted.
As a result, ZMMC, which for many years occupied a leading position in the list of the largest taxpayers in Armenia, was not included in it in the first quarter of this year. Meanwhile, ZMMC topped the list of 1000 largest taxpayers in Armenia based on the results of 2024. The plant took first place in this list for four years in a row.
In this regard, the company's press service issued a separate statement. "ZCMC is an organization for which a significant part of the taxes paid are direct taxes: income tax and royalties, unlike a significant part of large taxpayers for which a significant part of the taxes paid is VAT. Advances on royalties calculated and paid based on the results of 2024 were returned to the company in the first quarter, as a result of which the total difference in the first quarter was 19.5 billion drams. Therefore, it is not possible to assess the level of ZCMC taxes based on the indicators of the first quarter; they should be considered on an annual basis, since real tax payments will be fully visible at the end of the year. The adjustment of tax advances for the previous year is made in the first quarter based on the final report. Naturally, the taxes paid by ZCMC on a semi-annual basis will be reflected in the next quarter, and on an annual basis the company will undoubtedly once again take a leading position in the list of the 1,000 largest taxpayers," the statement said.
In turn, the head of the State Revenue Committee of Armenia Eduard Hakobyan, on June 9 of this year, stated in parliament that, based on the results of 2024, ZMMC recorded a decrease in sales volumes compared to 2023, due to which the amount of royalties payable in 2025 decreased. In addition, since the company made significant tax advance payments in 2024, part of the amount paid was returned in the first quarter of 2025. If I am not mistaken, 21-22 billion drams were returned, due to which ZMMC technically dropped out of the list of 1000 largest taxpayers. This does not mean that the company will not be on this list in the next quarter, the chief tax officer pointed out.
The Zangezur Copper Molybdenum Combine CJSC is the largest mining company in Armenia. The plant operates the largest copper-molybdenum deposit in the region, Kajaran.
