ZCMC chief warns of mining collapse by 2038

PanARMENIAN.Net - Roman Khudolin, General Director of the Zangezur Copper-Molybdenum Combine (ZCMC), stated at a mining forum that Armenia is facing a serious threat of depleting its mineral reserves.

“As the head of the largest investor and mining giant, I’m concerned about Armenia’s mineral reserves. By 2038, very few mining companies will remain active, and the rest will shut down unless action is taken. No new deposits have been discovered in the past ten years, this is a major challenge,” he emphasized, according to Sputnik Armenia.

Khudolin stressed that mining companies must work with the government to develop new approaches and build trust-based cooperation. He added that ZCMC is currently conducting its own geological surveys on a project-specific basis.

“Let me also tell you that no company can conduct exploratory work on its own. That’s why we need a strong state strategy and policy,” he noted.

Also speaking at the forum, Hayk Aloyan, CEO of Lydian Armenia, proposed a different approach to mining development.

“Maybe we should increase our use of mineral resources now, because by 2038, with new technologies, copper or gold may not be as essential. If, for example, ZCMC plans to extract up to 40 million tons annually, then it should develop the deposits today, not decades later,” he said.

Aloyan believes that rising gold prices necessitate accelerated project implementation, including the rapid launch of the Amulsar mine. He added that expansion of extraction volumes should come first, followed by new geological exploration.