ArmInfo. The Ministry of Economy is concerned about the developments at the Zangezur Copper and Molybdenum Plant (ZCMC), the country's leading mining enterprise, as it will impact economic indicators and tax revenue. Minister of Economy Gevorg Papoyan made this remark during a briefing with journalists, addressing the ongoing strike of certain ZCMC employees, that began last week.
He emphasized that as the head of the Ministry of Economy, it is important for him that the plant resumes work as soon as possible. However, he noted that resolving the current situation falls under the jurisdiction of the Trade Union, the company's management and its employees. In response to journalists' comments that 21% of ZCMC shares belong to the government, Papoyan corrected the media representatives, emphasizing that these shares are actually owned by the people. In this regard, he drew attention to the fact that as a result of this transaction, 30 billion drams were transferred to the state budget. These funds were used to ensure internal and external security, build roads, kindergartens, etc.
When asked about the impact of the enterprise's activities on the environment, he acknowledged that all mining enterprises have some level of impact on the environment. the minister said. He went on to mention the ongoing negotiations between ZCMC and a reputable German company to implement an environmental control system, even though the plant already has a high-quality risk management system. he noted.
It should be noted that for the third year in a row, the Zangezur Copper and Molybdenum Plant has topped the list of 1,000 major taxpayers in Armenia. The company transferred approximately 102 billion drams to the state treasury in 2024 (showing an annual growth of 44%). Of this amount 2.2 billion drams were customs duties, 30.2 billion drams were direct taxes (including profit tax and income tax), and 2.7 billion drams were indirect taxes (including VAT, excise tax).
