ArmInfo. The rating agency Moody's Ratings has reaffirmed the B2 credit rating of the Zangezur Copper-Molybdenum Combine (ZCMC) with a stable outlook, as evidenced by data from Moody's completed regular review of ZCMC's ratings.
In its review, the agency emphasized ZCMC's significance to the Armenian economy, noting the company's competitive production costs, solid financial performance, and access to financing instruments. This affirmation of the rating and the stable outlook serves as an independent validation of the company's resilient financial profile, operational efficiency, and its ability to execute its long-term investment program.
The report further highlights that ZCMC will continue to implement strategic initiatives aimed at increasing production efficiency, strengthening its competitive advantages, and creating long-term value for all stakeholders.
According to the published financial statements of ZCMC as of December 31, 2025, the company's assets increased by 5% in 2025, reaching 479.1 billion drams, and total liabilities - by 13% to 219.8 billion drams. In particular, assets for stripping operations increased by 50% during the reporting year - to 77 billion drams, fixed assets and intangible assets increased by 7% - to 261.8 billion drams, inventories decreased by 7% - to 45.3 billion drams, accounts receivable decreased by 9% - to 26.2 billion drams, and state reimbursable royalties were completely reset (from 19.9 billion drams in 2024).
The company's equity remained stable with a minor decrease, totaling over 259.3 billion AMD. In 2025, the company managed to increase its net profit by 7%, reaching 48.2 billion drams.
Company Vice President Vardan Janyan recently emphasized that the mining industry, and ZCMC in particular, provides the economy with strategically vital raw materials: copper and molybdenum. "Copper is one of the essential materials for modern electronics, telecommunications, and data centers; it is indispensable for technological development. Molybdenum, in turn, is widely used in the production of alloys necessary for mechanical engineering and the defense industry," Janyan noted.
He added that the industry contributes to the development of high-tech sectors not only as a supplier of raw materials but also as one of the country's largest taxpayers. "These significant contributions to the state budget allow for the financing of development programs, including those in the high-tech and defense sectors. It is important for us to be a part of these processes and to contribute to the development of sectors that are strategically vital to the state," he stated.
Technical Director Arman Vardanyan previously announced that the Zangezur Copper Molybdenum Combine is entering a new phase of productivity growth. In the near future, the company plans to increase its annual ore processing volume from 22 million tons to 30 million tons.
It is worth noting that ZCMC is one of the top 5 largest taxpayers in Armenia. In 2025, the combine contributed 52.2 billion drams to the state treasury in taxes. Zangezur Copper Molybdenum Combine CJSC (ZCMC) is the largest mining company in Armenia and operates the Kajaran copper-molybdenum deposit.
