The government of Armenia has agreed to accept as a gift 25% of the shares of the Zangezur Copper-Molybdenum Combine, according to a document published online.
The Office of the Prime Minister of Armenia will be managing the shares once the contract and state registration of property rights is completed within 10 days.
The Zangezur Combine is one of the largest companies in Armenia, which tops the list of the country’s 1000 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.
The construction of copper and molybdenum mine began in 1940, but was interrupted because of the World War II until 1944. The mine first started production in 1945, and had continued production to the present day. (PanARMENIAN/Ukrainian metal)