Armenia: Volnort loses 75% ZCMC stake due to unlawful conduct

Volnort company has filed a formal complaint with the International Centre for Settlement of Investment Disputes (ICSID), accusing Armenia of illegally interfering in the internal corporate affairs of the Zangezur Copper-Molybdenum Combine (ZCMC), according to Aram Orbelian, managing partner at Concern Dialog Law Firm and a specialist in international law. According to Orbelian, “as a…

Uzbekistan: Fitch affirms BB rating for Navoi Mining and Metallurgical Company

Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Navoi Mining and Metallurgical Company (NMGK) at BB with a Stable Outlook. The company’s senior unsecured notes were also affirmed at BB, with a Recovery Rating of RR4. According to Fitch, the rating reflects NMGK’s scale as the world’s fourth-largest gold producer, with an…