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Pashinyan Thanks GeoProMining Rep for Handing Over Mine Shares to Armenia

Armenian PM Nikol Pashinyan today hosted GeoProMining Board of Directors member Roman Trotsenko and thanked the Russian mining conglomerate for granting 25% of the 60% shares it recently acquired in the Zangezur Copper-Molybdenum Combine (ZCMC) to the Armenian government.

“I would like to thank you for donating 25% of the company, resulting in 15% of ZCMC's capital passing to Armenia. We hope that all the agreements reached will be implemented. This is very important not only for your company, but also for our economy,” Pashinyan said according to a statement released by his office.

ZCMC, the largest mining business in Armenia, employs around 4,000 and is based in the country’s southern Syunik Province.

Pashinyan, during the June 2020 parliamentary campaign, threatened to clean house at ZCMC, alleging that the company was owned by “corrupt shareholders.”

National Security Service (NSS) staffers raided the company’s Kajaran offices in July and detained three executives.

Trotsenko is cited as thanking Pashinyan for focusing on Armenia’s mining sector.

“We are happy with the Armenian government’s cooperation that will help stabilize the situation around the plant and the implementation of long-term large-scale investment programs, totally some $4 billion, in Armenia’s mining sector,” Trotsenko said.

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