Monday, 24 September

Zangezur Copper Molybdenum Combine Largest Mining Taxpayer - $839 Million



Only two mining companies – Zangezour Copper Molybdenum Combine (ZCMC) and Tegout - have made it to the top 20 list of taxpayers in Armenia for the 1st quarter of 2015.

In the 1st quarter of 2014 two others were included in the top 20 – Dundee Precious Metals Kapan and GeoPromMining Gold (GPM Gold).

According to a recently released Ministry of Finance list of the top 1,000 taxpers in Armenia, ZCMC was the largest mining company taxpayer, and the fourth largest overall – 4.036 billion AMD (US$839.1 million). In the same period last year, the company paid 1.445 billion AMD ($300.4 million).

ZCMC is owned by Cronimet Maining Ltd. (60%), Makour Yerkat Factory (15%), Armenian Molybdenum Production Ltd. (12.5%), and Zangezour Mining Ltd. (12.5%).

In the 1st quarter of this year Makour Yerkat paid 570.6 million AMD (1.186 million) in taxes, earning it a 47th ranking overall.

Zangezour Mining Ltd. paid 87.8 million AMD ($182,500), and Armenian Molybdenum came in 133rd place overall with 190.7 million AMD ($396,500).

Teghout CJSC (a member of the Vallex Group) the second largest mining taxpayer after ZCMC, is 100% owned by Teghout Investments Limited, registered in Cyprus. It, in turn, is owned by the Armenian Copper Programme (50.05%) and the VTB Group (49.95%).

Overall, Teghout was the 17th largest taxpayer in the 1st quarter of 2015 at 1.208 billion AMD ($2.5 million).

Dundee Precious Metals, the 3rd largest mining taxpayer, paid 890 million AMD ($1.850 million) in taxes for the 1st quarter in 2015 for an overall ranking of 29th.

GPM Gold, the 4th largest mining taxpayer and 34th overall) paid 811.6 million AMD ($1.687 million) in taxes in the 1st quarter of 2015.

GPM Gold exports 99% of all the gold shipped from Armenia. It operates the Zod gold mine and the Ararat gold extraction plant.  GPM Gold is 100% owned by GeoProMining, a diversified international group of mining companies based in Russia. GeoProMining also owns 100% of the Agarak Copper-Molybdenum Mine Complex in Syunik.

The Agarak Copper-Molybdenum Mine Complex came in 36th overall with 726.7 million AMD ($1.5 million) in taxes.

In 152nd place overall was the Akhtala Minining Enrichment Combinat at 161.6 million AMD ($336,000) in taxes. 


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