ZCMC To Have New Copper Smelter

ZCMC To Have New Copper Smelter

“Industrial Company” JSC, a subsidiary of GeoProMining, which has acquired a 60% stake in Zangezur Copper and Molybdenum Combine (ZCMC), intends to build a new copper smelter in Armenia in the coming years, as Roman Trotsenko, a member of the board of directors at GeoProMining Company, stated during the meeting with Prime Minister Nikol Pashinyan and Deputy Prime Minister Suren Papikyan on October 1. According to the official website of the executive, the meeting was held to normalize the new relationship.

On September 30, 2021, GeoProMining acquired 60% of the shares at Zangezur Copper and Molybdenum Combine, 25% of which was donated to the Republic of Armenia. Thus, 15% of the total capital of ZCMC will be managed by the staff of RA Prime Minister.

During the meeting, Roman Trotsenko noted, "We intend to expand cooperation with the Armenian government. We aim to start the construction of a new copper smelter in Armenia in the coming years.”

In response, Deputy Prime Minister Suren Papikyan said, "We thank Industrial Company for giving the people of Armenia the opportunity to have a stake in one of the country's largest assets. We are confident that this joint project will be the beginning of a better governed, more inclusive, sustainable mining industry in Armenia, which will benefit both the country and investors.”

October 04, 2021 at 14:20