GeoProMining Armenia, a subsidiary of the Cyprus-registered Russian company GeoProMining, is revealed to be the new shareholder of the Zangezur Copper and Molybdenum Combine in the province of Syunik, according to information published by the Armenian government.

GeoProMining Armenia is the parent company of Industrial Company, which bought 60% of the ZCMC's shares on September 30 and donated 25% of it – 15% of the total capital – to the government.

The company said it intends to expand cooperation with the government of Armenia, and that the latter's becoming of a co-owner of the Zangezur Combine is the first step of a broader investment vision.

Roman Trotsenko, member of the Board of Directors of GeoProMining, said the company has been operating in Armenia for many years, and has been "a reliable partner for the Republic of Armenia and the Armenians for almost two decades."

"We gladly took the opportunity to further expand our business in Armenia and acquire a controlling stake in ZCMC, while offering the state of Armenia 15% of the shares. We intend to expand cooperation with the Government of the Republic of Armenia, and this is the first step in our broader investment vision," Trotsenko said.

"All this will benefit the Republic of Armenia, the people and our shareholders, as well as open up new opportunities for the Armenian economy. We intend to start construction of a new copper smelting plants in Armenia in the coming years."

It was reported earlier that the government has agreed to accept as a gift 15% of the shares of the Zangezur Copper-Molybdenum Combine. The Prime Minister's Office will be managing the shares once the contract and state registration of property rights is completed within 10 days.