YEREVAN, Armenia – Prime Minister Nikol Pashinyan announced today in parliament that Armenia has recovered over $1 billion from the Zangezur Copper-Molybdenum Combine (ZCMC) after years of alleged mismanagement.
“Armenia holds a 21.8% stake in ZCMC, and its market value alone amounts to hundreds of millions of dollars,” Pashinyan stated, emphasizing the government’s commitment to returning plundered assets to the national budget.
Pashinyan highlighted further successes, revealing that the company’s tax payments doubled between 2018-2024 compared to the previous seven-year period. In 2024 alone, ZCMC paid 33 billion 249 million drams in dividends to the Armenian government.
“Isn’t this a return of what was stolen?” Pashinyan questioned, emphasizing that through persistent efforts, Armenia has recovered over $1 billion worth of assets and funds solely through actions related to ZCMC.
ZCMC, Armenia’s largest mining company, operates the Kajaran copper-molybdenum deposit, boasting sufficient reserves for approximately 150 years. The company produces molybdenum and copper concentrates, contributing significantly to Armenia’s economy.
Pashinyan’s announcement underscores the Armenian government’s commitment to transparency and accountability in the mining sector, highlighting the successful efforts to recover assets and ensure rightful revenue streams for the nation.
