Armenia needs to change the underlying philosophy governing relations between the state and subsoil users. Roman Khudoliy, CEO of the Zangezur Copper Molybdenum Combine (ZCMC), made the statement at the Mining Armenia Forum 2026.

According to Khudoliy, without clearly written laws that are consistently enforced and protect investors’ rights, the mining industry will remain in its current state.

He pointed out that despite three years of meetings, no new deposits had been discovered during that period, and none of the licenses for previously discovered deposits had resulted in an operational mine or the start of construction. Over the past 15–20 years, he noted, Lydian had been the only company to achieve tangible results.

Khudoliy stressed that there are always two parties in the mining industry: the state and the subsoil user. In his view, a major step forward would be to move away from a purely financial approach toward an institutional one, with relations between the parties governed by clear rules and obligations. He emphasized that both sides must be held accountable and that responsibility cannot rest solely with the subsoil user.

Khudoliy stressed that legislation must be sufficiently clear for every investor to understand the terms of investment and be confident that their rights will be protected. He noted that recovering investments in the mining industry takes at least 10–15 years. Starting production is only the first stage; investors must then recoup the money they have invested. According to Khudoliy, mining is an industry in which investment decisions involve long waits for results. Without clear rules and laws protecting investors’ rights, development will be difficult. These requirements apply to both geological exploration and production, he emphasized, since both involve investment.

Khudoliy warned that without a change in the current approach, the industry would continue to face the same problems. He observed that although industry representatives had known one another for years and enjoyed meeting, they would nevertheless continue to make no real progress. This, he said, made it necessary to change the very philosophy underpinning relations in the mining sector. If the government is interested in developing the industry, it must take responsibility for creating the right conditions, he added.

Khudoliy emphasized that laws must be drafted in unambiguous terms and, more importantly, consistently enforced. He also drew attention to the time taken by government agencies to make decisions. Although the prescribed deadline is four months, he noted, decisions sometimes take an entire year.

The Mining Armenia Forum 2026 is co-organized by the Mining Forum Development Foundation and the Armenian Mining and Metallurgy Association. The forum, being held for the third time, is strategically sponsored by the Zangezur Copper Molybdenum Combine and Lydian Armenia, while Ameriabank and Teghut CJSC are its general sponsors.