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Zangezur Copper Molybdenum Combine has issued a statement refuting the news that was recently posted on In the news, there were judgments based on the assumptions according to which former Ambassador of Armenia to the Holy See Mikael Minasyan had a share in Zangezur Copper Molybdenum Combine.

Without presenting any factual ground, the author of the analysis on stated that a company, the founders of which, according to the author of the analysis, are from Minasyan’s circle, became the owner of 12.5% of the Combine in 2017. Based on this assumption, the author of CivilNet’s analysis claimed that it was Minasyan who was linked to the Combine’s share, yet failed to present any fact or ground substantiating the assumption.

The clarification given by the board and administration of the Zangezur Copper Molybdenum Combine states that the data presented in the analysis of CivilNet don’t correspond to reality and that the information about the structure and composition of the shares of the Combine is posted on the websites of the Central Bank of Armenia and Zangezur Copper Molybdenum Combine.

We urge those obsessed with temporarily sparking interest in a particular person or media outlet at the expense of the name and reputation of Zangezur Copper Molybdenum Combine CJSC to remember the inadmissibility of assaults on other people’s rights and freedoms protected by law and guaranteed by the State and the liability provided for by law when using their imagination,” the Combine’s clarification reads.

In his commentary given to CivilNet, Mikael Minasyan also refuted the news about him and emphasized that he does not have and has never had anything to do with the companies that have become and are shareholders of Zangezur Copper Molybdenum Combine.

Consequently, what is not clear is the motive of the author of the analysis who, circumventing the fact that Ambassador Minasyan and the Zangezur Copper Molybdenum Combine have refuted the news, continues to reiterate his assumptions about the shareholders of Zangezur Copper Molybdenum Combine in his interviews to pro-government media outlets ( and Armenian Public Television).