Report: Zagezur Combine to transfer more shares to Armenian government

PanARMENIAN.Net - The Zangezur Copper and Molybdenum Combine (ZCMC) will transfer 3.75% more of its shares to the Armenian government, Armtimes.com reports citing sources familiar with the matter.

It was reported in early October that the government has agreed to accept as a gift 15% of ZCMC shares.

GeoProMining Armenia, a subsidiary of the Russian company GeoProMining, was later revealed to be the new shareholder of the Zangezur Copper and Molybdenum Combine in the province of Syunik. 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 Zangezur Combine is one of the largest companies in Armenia, which tops the list of the country's 1000 top taxpayers. The ZCMC is an industrial enterprise in the city of Kajaran, Syunik province, which exploits the ore mines of the Kajaran copper-molybdenum deposit.