ArmInfo. If the relationship between the state and subsoil users shifts from a financial to an institutional approach, I believe this will represent significant progress. This was stated by Roman Khudoliy, CEO of the Zangezur Copper and Molybdenum Combine (ZCMC), during a panel discussion at the Mining Armenia Forum on October 16.
He noted that subsoil users have clear expectations of these relationships. And in this case, both parties must bear responsibility. Khudoliy stated that laws must be clear enough for every investor to understand the rules of the game, given that the return on investment will take at least 10-15 years. Even more important, he noted, is that these laws be strictly enforced.
This is a sector that operates with such inertia. Without clear laws protecting investors' rights, we will continue to tread water. We will continue to meet, we already know each other well, but we will continue to tread water," the head of ZCMC noted.
As a reminder, Zangezur Copper and Molybdenum Combine (ZCMC) is the largest mining company in Armenia. The plant operates the Kajaran copper-molybdenum deposit. The plant's ore supply is approximately 150 years. The plant produces molybdenum and copper concentrates. Molybdenum concentrate contains 50% molybdenum, and the copper content in copper concentrate is at least 15%. The plant's annual production volume is approximately 22 million tons of ore. ZCMK's share in global molybdenum production is approximately 3.8%. The company places great emphasis on sustainable development. It is the only manufacturing company in Armenia operating under an ESG (environment, social issues, and corporate governance) program that complies with international practices. ZMMC places great emphasis on ESG principles and strives to set a role model for other companies.
