Copper is one of Armenia’s leading exports and China is now the top buyer of the ore.

In 2024, Armenia exported 342,000 tons worth $558 million of copper concentrate (ore and concentrate), this according to the State Revenue Committee. This is an increase of 4.5% in volume and 15.5% in value over 2023.

Of the $558 million worth of copper exported from Armenia in 2024, about 78%, or $435 million worth of copper, was exported to China. The second largest export destination for Armenian copper is Bulgaria (14%). Serbia, Russia, Iran, and Switzerland have a much smaller share, each accounting for about 2%.

Meanwhile, Switzerland was one of the main buyers of Armenian copper prior to 2022. For comparison, in 2021, 37.5% of exports went to Switzerland, and the same to China.

In the last ten years, the largest quantity and value of copper concentrate was exported from Armenia in 2021. It then decreased but rebounded last year.

Prior to 2022, copper was a top Armenian export, mainly in first place. However, after the start of the Russian-Ukrainian war, when Armenia became a transit country between Russia and Western countries, re-exported cars, gold, diamonds, jewelry, and equipment took precedence over copper.

Copper concentrate, in any case, continues to play a significant role in exports.

The SRC reports that the top three largest exporters of copper from Armenia are the Zangezur Copper and Molybdenum Plant (ZCMC), Teghout CJSC, and Agarak Copper and Molybdenum Plant (Agarak Copper and Molybdenum Plant).

While the SRC doesn’t disclose which of them is the largest exporter, judging from the data presented on the ZCMC website on production, number of employees, and the fact that it is the largest taxpayer in Armenia, ZCMC is also the largest producer and exporter.

According to 2024 data, ZCMC paid AMD 102 billion drams to Armenia’s state budget, an increase of 44% compared to the previous year.

ZCMC is sixty percent owned by Russian citizens, leading some economists to conclude that Switzerland, for example, may be avoiding buying concentrate from ZCMC given European and U.S. sanctions on Russia after it invaded Ukraine.

Other analysts, however, downplay the sanctions factor and believe China is offering more favorable conditions and a higher price for Armenia’s copper.

Exports from Armenia to China increased 2.6 times, largely due to gold

As mentioned above, in 2024, Armenia exported $435 million worth of copper concentrate to China. SRC data indicate that it increased by about $91 million or 26% compared to the previous year.

Total exports from Armenia to China increased sharply by 2.6 times or $672 million compared to the previous year and amounted to $1.1 billion.

Although copper concentrate exports also contributed to this growth, gold played a much more significant role. As we have shown in one of our previous investigations, one of the main destinations for gold re-exported from Armenia is China. In the first half of 2024, Armenia exported $446 million worth of gold to China, compared to no exports in the same half of the previous year.

Top photo: Zangezur Copper and Molybdenum Plant (Kajaran, Syunik Province)