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World Bank revises upward metal prices. Why is it important for Armenia?
... industrialized countries. Although Armenia is not among commodity-dependent countries, its economic growth is heavily dependent on commodity prices; more precisely, on international copper prices. World Bank experts have noted the importance of the mining sector for the country from the economic point of view, because it is one of the main sources of foreign investment, jobs, despite being faced with many challenges. Last week Prime Minister Karen Karapetyan and heads of relevant government agencies discussed ...
02/21/2017Armenia’s mining sector needs to be advanced in environmentally and socially responsible manner, World Bank specialist says
... USD $500 million annually, making it the country’s top sector in terms of export and inflow of foreign exchange. Mining companies are also significant job providers, especially in rural areas. In 2014, over 7,000 people were employed in the metallic mining sector, which is around 10 percent of those employed in the industrial branch of the economy. The Government of Armenia requested that the World Bank evaluate the key social and environmental challenges and future opportunities for the mining sector. ...
06/08/2016Armenia achieves satisfactory progress in bringing transparency to mining industry
... satisfactory progress to Armenia, according to the official website of the EITI. It was reported that Armenia has made satisfactory progress in implementing the EITI Standard. The country has used the EITI as a platform for dialogue and a catalyst for mining sector reform. Since joining the EITI in 2017, the Government of Armenia has focused on bringing greater transparency and accountability to the mining sector. It has shown strong commitment to the EITI principles and the EITI Standard, to achieve this ...
07/21/2020Azerbaijan's actions may lead to loss of 10-20% of Armenia's economic growth due to impact on mining industry
... related industries. "Armenia's mining and metallurgical industry is fully export-oriented, accounting for 30-40% of total exports. The industry provides employment for about 60,000 workers. According to the "Strategy for the Development of the Mining Industry until 2035", as of 2021, the sector's companies employed some 11,900 workers and another 51,200 were employed by companies providing services to the mining industry, whose salaries are twice as high as the average salary in the country," said Janyan." -0-
07/25/2023Armenia to develop long-term strategy for mining sector
The government of Armenia will work out a long-term strategy for the development of the mining sector, Davit Harutyunyan, the chief of government staff, told reporters during the launch of the Armenia Strategic Mineral Sector Sustainability Assessment, organized by the World Bank. YEREVAN, June 8. /ARKA/. The government of Armenia will work ...
06/08/2016Mining industry's risks are manageable by government, companies and all stakeholders – Vardan Janyan
... utilization and preservation of subsoil with application of international standards and approaches," he said. The Head of the Union also emphasized the significant contribution of the international financial institutions to the development of the mining sector, in particular, the World Bank and USAID, which periodically support Armenia in the development of the new Subsoil Code in line with international norms and standards. In turn, the European Bank for Reconstruction and Development (EBRD) and the ...
07/25/2023HSBC Bank Armenia is contributing to sustainable development of Armenia’s mining industry
... /ARKA/. HSBC Bank Armenia is contributing to sustainable and environmentally safe development of Armenia’s mining industry, the Chief Executive Officer of HSBC Bank Armenia Paul Edgar said today. "Today we have invited companies working in the mining sector to speak about the trends and approaches of the industry aimed at developing sustainable mining in Armenia ", - said Mr. Edgar at the opening of a business conference titled "Modern Mining Industry in Armenia". According to him, ...
11/16/2016Total cost of Armenia’s natural resources is about $120 billion, World Bank expert
... Esma Kreso, a World Bank environmental specialist, who spoke today at the presentation of two papers - “Sustainable and Strategic Decision Making in Mining” seeking to inform Armenia’s policy dialogue on environmental and social issues in the mining sector and “Enhancing Environmental and Social Sustainability of Mining in Armenia” seeking to mainstream and enhance the understanding of environmental and social sustainability principles in the development of Armenia’s mining sector. YEREVAN,...
06/04/2014Mining may provide about 2.6% of Armenia’s GDP in 2013 – projection
... Armenia’s minister of economy Vahram Avanesyan said. This is a reduction from 2.9% of GDP in 2012, he said. The estimates show this share will not be growing in future, the minister said at the conference on opportunities and challenges in Armenia’s mining sector in Yerevan Tuesday. Tax receipts from mining sector amounted to about 43 billion drams in 2012 or 5% of the overall tax collection Mining industry is probably the only sector where the taxes paid are 70% higher than the share in GDP. Taxes in ...
03/25/2014Mining can be successful investment and be of benefit to the Armenian people – US Ambassador
... people,” said Ambassador Richard M. Mills, Jr. in his opening remarks. Sustainable mining, using the latest technology and equipment, he said, can be safe for mining workers and can protect Armenia’s environment. “Today we’re focusing on the mining sector, because as you know, it is one of the leading sectors in the Armenian economy and a major contributor to the GDP and the country’s exports. Mining represents real opportunities for Armenia,” said Ambassador Mills. “And these opportunities ...
11/16/2016Armenian government to take stock of mining sector
The government of Armenia will analyze and evaluate the efficiency of the mining sector, Minister of Energy Infrastructures and Natural Resources Arthur Grigoryan said at a government meeting on Thursday. YEREVAN, August 23. /ARKA/. The government of Armenia will analyze and evaluate the efficiency of the mining sector, Minister ...
08/23/2018Armenian mining companies ask for government assistance, but economy ministry says there are no funds for it
... reminded that the direct contribution of the industry to GDP is about 6%, while the indirect contribution is estimated at 10-11%. Deputy Economy Minister Narek Teryan, who was present at the meeting, noted that the government does not consider the IT sector more important than the mining or any other industry. "However, there are no funds for this kind of support at the moment," Teryan noted. According to the National Statistics Committee, the mining industry accounted for about 21% of the industrial output in the first ...
06/21/2023Mining industry is attracting investments and technologies to Armenia – minister
... from seven leading U.S. companies and 35 Armenian mining companies attended the event. The conference was designed to strengthen the growing commercial ties between the United States and Armenia by introducing leading American businesses to Armenian mining sector operators, and by giving the American companies the opportunity to showcase the latest technological advances in the field. 0--
11/16/2016IFC’S current portfolio in Armenia stands at $146.5 million
... development of private sector activities that create jobs and contribute to the growth of Armenia's economy. IFC’s current portfolio in Armenia stands at $146.5 million including debt and equity investments in the financial markets, manufacturing and mining sectors. During fiscal year 2013, which ended on June 30, 2013, IFC committed about $33 million in Armenia. We have continued supporting our financial intermediaries in Armenia and made our first investment in Armenia’s agribusiness sector, a loan ...
02/07/2014Armenia’s mining industry grows 31 percent in four months
... 7% of the world reserves of molybdenum. According to the National Statistical Service, industrial output accounted for 28.4% of the GDP in 2014, while the mining industry accounted for 4.2%. Mining products are the main item of Armenian exports. The mining sector is also the second in Armenia in terms of salaries which in March 2015 were 374,078 drams (gross). The mining industry employs more than 5,000 people. The total industrial production in January-April 2015 grew by 4.2% year-on-year to 393.1 billion ...
06/01/2015Armenian opposition party speaks in favor of nationalizing mining and metallurgical companies
... remedy Armenia's tax legislation regulating the work of mining companies. According to him, because of this the government loses billions of drams in revenues which it needs badly to finance social programs. He said being the most lucrative sector of Armenian economy mining and metallurgical companies enjoy a set of privileges concerning, particularly, export of precious metals depriving the government of additional revenues. Vahan Hovhanesian said Armenia’s mining and metallurgical companies, the largest export-oriented ...
05/11/2011Ten main theses on state of Armenia's mining industry, voiced by head of Union of Miners and Metallurgists
... the copper smelter that the company plans to build in Armenia. - There are intentions to build a refinery in Armenia, which will create an opportunity to switch from the production of 70% gold doré to pure gold bullion. - Often representatives of the mining sector deliberately choose higher production costs in an effort to minimize environmental risks. -0-
07/25/2023Armenia’s mining output to double in next 3 years, president Serzh Sargsyan says
... proves this, governments face sometimes setbacks and failures. But by simplifying taxation and other procedures we have the right to expect the understanding of taxpayers. It is a process with mutual interest,’ he said. In 2010 Armenia’s mining sector accounted for 17% of the industrial output. The sector rose by 24.3% from 2009. Metallurgical sector saw a 6.4% rise. In 2010 Armenia produced 7,600 tons of converter copper, 5,100 tons of ferromolybdenum, 8,600 tons of molybdenum concentrate,...
04/27/2011Revaluation of Armenian dram lowers inflationary expectations, potential
... ARKA: Mr. Sargsyan, what preliminary estimates of the country’s key macroeconomic indicators for 2007 can you make? Sargsyan: 13.6% macroeconomic growth was recorded in Armenia in January-November 2007, which growth was mainly facilitated by such sectors as construction, services and agriculture. In January-November, a 2.7% increase was recorded in the industrial sector, and a 9.1% increase without the diamond-cutting industry. The increase was mainly due to the food industry, particularly due ...
02/04/2008Armenian government to digitize archival materials of e national geological fund
The Armenian government adopted today a resolution on the management and use of funds under the USAID-supported Improved Transparency in the Mining Sector project, which aims to support the government in promoting transparency and accountability in the mining sector. YEREVAN, January 20. /ARKA/. The Armenian government adopted today a resolution on the management and use of funds under the ...
01/20/2016Armbusinessbank is set to consolidate its leading position on several indicators in Armenia's banking system
In an exclusive interview with ARKA news agency, Artavazd Sargsyan, the Chairman of the Executive Board of ARMBUSINESSBANK, shares his vision of Armenia's banking sector development, the current trends in the financial market and the new services the bank is planning to unveil in 2020. YEREVAN, January 8. /ARKA/. Armenia's banking sector keeps on progressing, taking over new niches. In an exclusive interview ...
01/08/2020Armenia’s Pharma Sector Offers Potential for FDI: IFC Report
Given the challenges of the COVID-19 pandemic, foreign direct investment (FDI) in Armenia’s pharma sector can play a catalytic role in stimulating the economy, contributing to a resilient and accessible health care system, reveals a new report produced by IFC in partnership with the UK’s Good Governance Fund. YEREVAN, March 30, /ARKA/. Given the ...
03/30/2022Taxes paid by Armenia’s mining companies more than double in 2010
... doubled in 2010 rising to 16.9 billion Drams, chief of the State Revenue Committee, Gagik Khachatrian, told journalists today after president Serzh Sargsyan’s meeting with chief executives of largest mining and metallurgical companies. ‘The mining sector managed to recover quite quick after the crisis. In 2010 some 12 companies in this sector reported an 85 billion Drams growth in their turnover if compared to 2009, while taxes paid by them rose from 7.9 billion Drams in 2009 to 16.9 billion Drams,...
04/28/2011Armenia may become a center for running mines in third countries
... Armenian Stock Exchange. Given that the path we have indicated will lead to an expansion of the combine's shareholders, I would like to draw the attention of our potential new partners to one idea based on world experience in the development of the mining sector. I think that Armenia should take advantage of the professional potential generated by generations in the field of mining and metallurgy, the innovative technological solutions that are already available and the possibilities of attracting financial ...
05/15/2020Yerevan to host major mining event in spring
... effective organization of mining production. They said the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Armenian Development Bank, the OSCE, as well as three major companies operating in the mining sector and non-governmental organizations in Armenia are assisting in the organization of the conference. Some 70 top international experts as well as representatives of leading companies and public organizations in Armenia are expected to take part in ...
02/14/2014Canadian Dundee Precious Metals invested $150 million in Armenia in six years
... Armenian subsidiary Deno Gold Mining, according to Deno Gold Mining chief executive officer Hrach Jabrayan. "Over the past six years, Dundee Precious Metals has invested about $155 million ( 63.7 billion drams) in development of Armenia’s mining sector. In the last three years, the company invested 6 billion drams in environmental projects and 2 billion in various projects designed to ensure the safety and health of employees and another 800 million drams in their education and training, ...
04/26/2013GPM GOLD company’s annual output may reach 1 million tons by 2013
... hundred percent. This allows people, at normal operations, to have a very decent salary. The average monthly wage of production sector in January 2010 was 136 thousand drams, and at the end of the year it reached to 165 thousand drams. ARKA – Does ... ... of construction of the culture house in Vardenis. The agreement was signed by the Governor of Gegharkunik province, GеоProMining Company and the World Bank’s Social Investment Fund on September 9, 2010. We made the first disbursement in the amount ...
03/10/2011Metal mining enterprises to become buffer for crisis prevention
... local mining enterprises on their liabilities to employees. Sargsyan urged the tax services to return the value added tax to mining enterprises, so that they can withstand the financial crisis. The premier said the government stands ready to discuss existing ... ... Agarak copper-molybdenum plants, as well as the Kapan-based ore-dressing enterprise to find solutions to the problems in the sector. During their visit, the ministers agreed on avoiding staff reduction and organize another discussion in three months in ...
12/17/2008FDI, the right prescription for Armenia’s pharma sector
... robust health systems for future resilience. Globally, the pandemic has stretched health systems beyond their ability. Armenia is no exception. At a time like this, foreign direct investment (FDI) can be the country’s chance to revive its health care sector, especially pharma. Attracting FDI in the pharma sector will play a catalytic role in stimulating the Armenian economy, contributing to a strong recovery, and ensuring that people have better access to health care. FDI can be a potentially transformative ...
04/14/2022Communications Now and Tomorrow: Why You Need It!
... Armine Zakaryan, Director of Strategic Communications Agency DEEM Communications YEREVAN, March 23, /ARKA/. Interview with Armine Zakaryan, CEO Strategic Communication Agency Deem Communications. ARKA- How would you describe the communications sector in Armenia? How did it change over the past years and what can we expect in the future? Armine Zakaryan- The communications sector in Armenia is rapidly expanding. About seven-eight years ago, Public Relations developed as a separate sector with ...
03/23/2022Official statistics says total foreign investments in Armenia last year grew by 18 percent
... 2012 to about $76.5 million, including $602.4 million in FDI. Canadian investment shrank by 50 percent to $53.5 million. According to the NSS , 21.07 % or $125.8 million of total foreign investment last year in the real sector were channeled into the mining sector, 19.04% or $113.7 million into the telecommunications sector and 18.24 % or $108 9 million into the air transportation sector. The bulk of FDI in the real sector was channeled into telecom sector - 41.70 %, 16.96 % of FDI went to real estate ...
03/31/2014World bank approves country partnership strategy for Armenia
... business creation, innovation and accessibility of economic infrastructures, along with improved education and health service delivery.” IFC, a member of the World Bank Group, will continue supporting the real sector through investments in competitive sectors such as mining and agribusiness. IFC will also deepen its advisory services operations in order to improve the investment climate with a focus on the agribusiness sector, strengthen the financial sector, and develop the market for investment in renewable energy....
11/08/2013A total of 400 apartments will be raffled by an exceptional price as a result of the new cooperation between Ardshinbank CJSC and ML Mining
... significant contribution to the development of the country’s economy, particularly through the implementation of large-scale projects in the construction sector. Today, Ardshinbank counts the largest construction companies among its clients, including ML Mining. Although this cooperation primarily focuses on the public sector, the range of beneficiaries has been expanded. Now, all Ardshinbank clients, regardless of their field of activity, can participate in the program through advanced technological solutions. Notably, clients can apply for mortgage lending online,...
09/11/2024Armenian mining companies accumulated enough profits to pay higher export duties
... price grows to $7,500, the sector will be quite profitable. According to the proposed amendments, high profits from the exploitation of the country's subsoil will be directed to the development of the manufacturing industry, strategic assets in the mining sector and deepening production value chains. According to Kerobyan, as a result of higher export duties on concentrates of copper and molybdenum, the government will receive 30-35 billion drams additionally in revenue. The move was described by some ...
07/15/2021Armenia to develop new power supply standards – minister of economy
... serious penalties and cover damage incurred due to power supply interruptions, Chshmarityan said. The minister stressed mining and metallurgy sectors have the greatest potential for growth today and can help solve major social problems. Discussions with mining sector representatives will be held at least once every 3-4 months, he said. According to the ministry of economy information, metal ore production output dropped by 8.8% to 132.2 billion drams and metal ore exports fell by 0.7% to 85.5 billion drams ...
11/18/2014Fitch Ratings revises its rating and sector outlooks to stable for 2017 from negative in 2016
Fitch Ratings said it has revised its rating and sector Outlooks to Stable for 2017 from Negative in 2016 as it expects that continued healthy economic growth – driven by external trade combined with a moderate recovery in domestic demand – and relative currency stability will support gradual improvements ...
12/12/2016EBRD organizes forum in Yerevan to support Armenia’s dairy industry
The American University of Armenia hosted today the ‘Innovation and Knowledge-Sharing in the Dairy Sector forum, organized by the EBRD with the support of the Armenia’s Ministry of Agriculture. YEREVAN, June 21. /ARKA/. The American University of Armenia hosted today the ‘Innovation and Knowledge-Sharing in the Dairy Sector forum, organized ...
06/21/2016EBRD: Armenian economy maintained robust growth despite a slowdown in exports
... Governance, Better Economies’ the EBRD says Armenia’s strong GDP growth has continued despite a slowdown in exports. The economy grew by 5.2 per cent in 2018 and by an estimated 6.8 per cent year-on-year in the first half of 2019. The export-oriented mining sector, however, underperformed in 2018. It says a new precautionary programme from the International Monetary Fund (IMF) is supporting the authorities’ reform efforts. The authorities have adopted a package of tax reforms. Measures include flattening ...
11/21/2019Armenian government approves mining industry development strategy until 2035
... short-, medium- and long-term directions of development of the industry. In particular, one of the tasks is to create a unified digital geological database, as well as to introduce international standards. Prime Minister Nikol Pashinyan added that the mining sector should be brought to international standards as soon as possible and for this purpose it is necessary to train specialistsю Nikol Pashinyan said also that the Zangezur copper-molybdenum combine paid 145.5 billion.drams in taxes in 20221, compared ...
05/11/2023Armenia’s mining industry grows to 95.2bln drams in Jan-May
... the year before. It should be noted that such a growth in the mining industry is recorded due to the commissioning of Teghut mining complex at the end of 2014. Teghut mine is the second largest in Armenia after Kajaran mines. According to the National ... ... 2015 grew by 4.5% year-on-year to 499.7 billion drams. Armenia’s Central Bank predicts a 1.5-2.5% growth of the industrial sector in 2015. –0--
07/01/2015Service sector in Armenia grows by 4.4% in H1 2024, driven by financial and insurance activities
... in Armenia for the first half of 2024 amounted to 1,562,050.8 million AMD, reflecting a 4.4% increase compared to the same period in 2023, a report by the National Statistical Committee of Armenia revealed on Friday. In June 2024 alone, the service sector reached 282,861.9 million AMD, marking a 7.8% growth compared to June of the previous year and a 5.6% increase compared to May 2023. A closer look at the service sector reveals that the largest contribution came from the financial and insurance ...
08/09/2024Top 5 areas for investment in 2024
Let us consider the factors that allow us to weigh up the situation and find promising sectors for development YEREVAN, July 25. /ARKA/ . The financial market is a dynamic environment influenced by internal and external processes. This complicates the task of choosing a sector for investment and at the same time provides material for ...
07/25/2024New head of EBRD office in Yerevan to continue assistance to private sector
... infrastructure, developing agribusiness and high value-added, export-oriented industrial companies, improving the regulatory and institutional framework for sustainable energy, and raising corporate governance standards and increasing transparency in the mining sector. "I think we also have enough resources to promote the development of the local capital market. This is the direction the Bank follows all over the world , and we see the potential in this sphere in Armenia" , - he concluded. Mark ...
09/19/2013Fitch Ratings Revises Global Metals and Mining Price Assumptions
... copper, iron ore, coking coal, gold and nickel. YEREVAN, March 15, /ARKA/. Fitch Ratings has revised its global metals and mining price assumptions, increasing short- and medium-term prices for copper, iron ore, coking coal, gold and nickel. It has ... ... by the energy transition. Still, mine underperformance in Chile, political protests in Peru and recent issues in the smelting sector may constrain copper supply. We have raised our iron ore price assumptions for 2023-2025 due to the expectation that stronger ...
03/15/2023Armenian NGOs express deep concern about Azerbaijani "environmentalists" engaged in political manipulations
... Information about the mining industry in Armenia can be obtained from the website www.eiti.am , which is the official website of Armenia, as a country with the status of member of the International Extractive Industry Transparency Initiative (EITI). The mining sector is problematic all over the world. We, the representatives of the civil society of Armenia, realizing the global risks of climate change and sustainable development, make every effort to reduce them, raise specific issues and negotiate with the ...
07/20/2023Energy minister discusses Armenia’s mining sector prospects in Toronto
... today. It said during the meeting with the heads of companies which run also mines in Armenia, including Dundee Precious Metals, Lydian International , Centerra Gold Inc. the minister discussed the possibilities of fresh investment in Armenia’s mining sector. It said in his speech at the conference Zakaryan spoke on Armenia's mining policy, relating legislation and development prospects. -0-
03/04/2015Zangezur Copper Molybdenum Combine claims to increase annual ore production up to 22mln tons by 2016
The Zangezur cooper Molybdenum Combine closed joint stock company is planning to increase its ore production up to 22 million tons per year by 2016, deputy general director of the plant Narek Hambaryan said at a discussion of mining sector problems with the minister of economy Karen Chshmarityan on Monday. YEREVAN, November 18. /ARKA/. The Zangezur cooper Molybdenum Combine closed joint stock company is planning to increase its ore production up to 22 million tons per year by ...
11/18/2014Inflow of non-residents to Armenia will help enhance stock market liquidity, says сo-founder of Freedom Holding (EXCLUSIVE)
... Hayk Yeganyan, General Director of the Armenian Securities Exchange (AMX), although Armenia’s capital market and financial sector are still at the stage of development, they are already comparable to the European financial system in a certain sense.... ... closed to open is realistic. ARKA - Armenia's economy is demonstrating quite stable growth. In your opinion, what are the determining factors in the development of Armenia's economy and what measures should be used to support it ? What is the most realistic ...
08/14/2023Renewable energy can power the way to energy security for Armenia
..., the country could benefit from upgrading the transmission and distribution network. The best way to approach these challenges is to develop renewable-energy capacities and upgrade the network in a financially sustainable manner. Armenia’s power sector has already come a long way. Since 2005, the government, with support from the World Bank, has implemented sweeping power-sector reforms to deliver cleaner and more efficient power supply to consumers. The reforms introduced more sustainable tariffs ...
02/26/2020Industrial output in Armenia in 2024 increased by 4.7%, to 3 trillion drams
... in water supply, sewerage, waste management, and recycling reached 31,501.6 million drams (a 5.8% increase). The largest contribution was made by the manufacturing sector, which accounted for 71.8% of the total. The share of the mining and open-pit mining sector was 15.5%, that of electricity, gas, steam, and purified air supply was 11.6%, and water supply, sewerage, and waste management accounted for 1.1%. (Exchange rate: $1 = 396.58 drams).
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