Past daily of Armenia writes as follows, in particular: As it is known, according to the data of the first nine months of 2024, the Zangezur Copper-Molybdenum Combine [(ZCMC)] is again the first taxpayer [in Armenia] and, according to the data of the third quarter, it has exceeded its own indicator of the same period of last year by more than 30 billion drams. A logical question may arise: what is the cause of such growth?

"The mining industry is a cyclical business, and tax payments, the company's profit can depend on a variety of circumstances: global metal prices, mining characteristics of that region, also, administration. In this case, it's a combination of all these things," says Vardan Jhanyan, the first deputy general director of the ZCMC, the president of the Union of Miners and Metallurgists of Armenia, in an interview with Past.

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There is a point of view that Armenia's mining industry has room for growth, but we are not making use of it. Vardan Jhanyan says that almost all the discussions at the Mining Armenia international forum that was held recently were about this issue. "Moreover, both Armenia’s specialists, academic circles, and foreign experts were speaking about the considerable [mining] potential of Armenia. Yes, Armenia certainly has a considerable [mining] potential and that potential should be used by attracting new investments, with new programs, by expanding existing programs." In fact, it turns out that Azerbaijan, worried about this potential as well, has started a campaign against Armenia, according to our interlocutor, not even a very large mining sector.

"I'm sure, yes. The sector, yes, is not big, but even with these volumes, it is one of the main pillars of Armenia's economy, and besides, the potential for growth, and therefore also the potential for influence is great, and that is the reason for such consistent attacks [by Azerbaijan] on Armenia's mining industry," says Vardan Jhanyan.