Armenian PM, GeoProMining representative discuss investments in mining industry, construction of new nuclear power plant
YEREVAN, October 2. /ARKA/. Armenia’s Prime Minister Nikol Pashinyan received today Roman Trotsenko, a member of the Board of Directors of Russian GeoProMining Company, whose subsidiary called Industrial Company, acquired earlier this week 60 percent of the Zangezur Copper-Molybdenum Combine (ZCMC), Armenia’s largest mining enterprise and immediately ‘donated’ 25% of shares to the Armenian government.
“The donated 25 percent of the shares constitute 15 percent of the equity of ZCMC that will consequently belong to the Republic of Armenia,” GeoProMining and the Armenian government said in a joint statement on Friday.
According to the Armenian government press service, Pashinyan thanked Trotsenko for donating 25% of the company to Armenia.
‘We hope that all the agreements reached between the company and the government will be implemented, which is very important not only for your company, but also for our economy. We believe that the implementation of the agreements will contribute to the strengthening and development of the Armenian economy," Pashinyan was quoted as saying.
“We are pleased with the cooperation with the Government of the Republic of Armenia, which will help stabilize the situation around the ZCMCt, implement long-term large-scale investment programs in the mining sector of Armenia, the total volume of which will reach about $4 billion. This will make it possible to process products, build new factories so that Armenia can produce copper, and not concentrate it, as well as build a new nuclear power plant. New jobs and opportunities will be created that will open up new ways of development," Trotsenko said in turn.
The Prime Minister noted that the construction of a copper smelter will increase the demand for electricity.
"Successful implementation of this and other projects is very important for us. We hope that they will give a new push to the project to build a new nuclear power plant in Armenia. The Republic of Armenia is interested in such a project and will support its more efficient implementation," Pashinyan said.
The Zangezur Copper-Molybdenum Combine located in Kajaran, a small town in south-eastern province of Syunik has 4000 people on its payrolls. ZCMC has long been one of Armenia’s top three corporate taxpayers. In 2020 it paid about 41.689 billion drams ($86 million) in various taxes. -0-
