ArmInfo. Within five years, Armenia's mining industry could generate $3 billion in exports. Vardan Janyan, First Deputy Director of the Zangezur Copper and Molybdenum Combine (ZCMC) and head of the Mining and Metallurgical Association of Armenia, stated this in an interview with journalists on the sidelines of the Mining Armenia Forum.
"For comparison, another sector with impressive export potential is tobacco production, with finished product exports amounting to $300 million per year. The remaining sectors account for much smaller volumes. That is, other export sectors are not comparable to ours," he noted.
According to Janyan, the $3 billion figure could be reached by restarting Lydian Armenia, which operates the Amulsar gold mine. In this regard, he expressed hope that the company will begin production and exports as early as next year.
According to the deputy head of ZCMC, the mining industry's export volume currently stands at approximately $1 billion, with Lydian Armenia providing another $1 billion. The remaining amount will be provided by expanding the production capacity of other players in the sector, including ZCMC, the Teghut and Agarak mines, and smaller ones. "We see that this is an opportunity. Business is ready for this, and I think the government is ready and willing as well. Therefore, we can only work tirelessly in this direction," Janyan emphasized.
It should be noted that, according to the Statistical Committee of the Republic of Armenia, mining and open-pit mining output decreased by 1% year-on-year in January- July 2025, amounting to 265 billion drams. Metal ore mining declined by 2% to 245.6 billion drams. According to the RA Customs Service, in 2024, Armenia increased its copper ore exports by 20.4% to 341,500 tons (compared to a 20.4% decline in 2023). The customs value of copper ore increased by 15.5%, reaching $558.3 million.
Copper ore was primarily exported to China (76.6%), Bulgaria (13.3%), Serbia (2.8%), Switzerland (2.6%), Russia (2.4%), and Iran (2.2%). Smaller shipments were also exported to the Netherlands, the United Kingdom, and Australia. Exports of molybdenum concentrate increased by 2.5% during the reporting year (compared to 8.2% growth in 2023), amounting to 11.4 thousand tons, with a decrease in customs value by 4.1% - to $ 220.6 million. Molybdenum concentrate was supplied from Armenia to the markets of Belgium (41.6%), China (17.9%), Russia (13.2%), Hong Kong (7.7%), the Republic of Korea (6.3%), Thailand (5.3%), the Netherlands (4.9%), as well as Slovenia, Austria, India, Australia, the United Kingdom
