On September 30, 2021, GeoProMining Armenia obtained 60% of Zangezur Copper-Molybdenum Combine (ZCMC) and intends to build a new copper molding factory in Armenia as well.

Member of the Board of Directors of GeoProMining Roman Trotsenko interpreted the transaction in the following way: “We were glad to take the opportunity to further expand our business in Armenia and obtain a control kit at the ZCMC and offer the Government of Armenia 15% share. We intend to expand cooperation with the Government of Armenia, and this is the first step within the scope of our broader vision for investments. We also plan to launch construction of a new copper molding factory in Armenia in the years to come.”

The “Industrial Company” OJSC has transferred 25% of its stocks in the ZCMC to the government, the government’s press release reads.

The source states that the company is the 100% daughter company of GeoProMining Armenia which obtained 60% of ZCMC on September 30, 2021.