Circular approach as factor of economic sustainability in mining  industry 

ArmInfo.Circularity is more important for Armenia than for the West, where it is often viewed through an environmental lens. This opinion was expressed by Tigran Jrbashyan, Head of Ameria Management Consulting Service, during a  panel discussion on "The Role of Critical Metals for Armenia's  Economic and Strategic Sustainability" at the Mining Armenia Forum.

He also noted that the Ministry of Economy lacks understanding that  Western countries' approaches to the circular economy differ from  those relevant to countries like Armenia.

Given that landlocked Armenia imports a significant portion of its  raw materials, Jrbashyan believes it is necessary to build a  sustainable model where resources are used as efficiently as  possible, fostering economic resilience and reducing dependence on  natural resource extraction. In this regard, he noted that Armenia's  economy relies on mining and agriculture. The head of Ameria  management consulting, noting that circularity is closely linked to  innovation and technological progress, emphasized that the latter  facilitates the creation and retention of jobs at various levels of  the production cycle.

Jrbashyan called for a circular, independent, and resilient economy,  where the mining industry becomes a key driver. "A circular approach  offers real opportunities, increasing productivity on the one hand,  and efficiency on the other," he emphasized.

At the same time, according to the economist, Armenia could establish  itself in the global molybdenum market within 5-10 years. In this  regard, he noted that Armenia ranks sixth in the world for molybdenum  production. Given the metal's longer production chain, the economist  believes its importance will increase.

At the same time, Jrbashyan pointed out the lack of research on rare  earth metals and zinc. "We don't yet know what we have and what we  don't. But we can work on this," he noted.

The expert stated that traditionally, in the context of Armenia, the  emphasis is on copper and gold, but, in his opinion, it wouldn't hurt  to consider other approaches.

It should be noted that, according to data from the RA Statistics  Committee, molybdenum production decreased by 13% in January-August,  amounting to 9.9 thousand tons, and copper production decreased by  8.1% to 185.6 thousand tons. Meanwhile, zinc production during the  reporting period, by contrast, increased by 6.7%, amounting to 7.5  thousand tons. According to the RA Customs Service, in 2024, Armenia  increased 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 exported to the Netherlands, the United  Kingdom, and Australia.

Zinc concentrate exports also increased by 29.6% (compared to a 23.8%  decline in 2023), reaching 11,600 tons. At the same time, the customs  value increased by 42% to $17.6 million. The entire volume, as in the  previous year, came from Belgium.

Molybdenum concentrate exports increased by 2.5% in the reporting  year (compared to 8.2% growth in 2023), reaching 11,400 tonnes, with  a customs value decline of 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, and the United Kingdom.

According to statistics, in January-July 2025, production volumes in  the mining industry and open pit mines in Armenia decreased by 0.8%  year-on-year, amounting to 312 billion drams. Metal ore mining  demonstrated a decline of 1.9% to 289 billion drams.