The Zangezur Copper-Molybdenum Combine (ZCMC) transferred $84.3 million in dividends from the state’s share of its stock to Armenia’s state budget for 2023. This announcement was made by Prime Minister Nikol Pashinyan during a government meeting on December 19, noting that such payments had not been made for over 20 years.
According to the Prime Minister, in addition to the dividends, the combine has already paid over $185 million in taxes. Overall, ZCMC’s contributions to the state budget in the first 11 months of this year amounted to approximately $271.6 million.
Chairman of the State Revenue Committee, Eduard Hakobyan, attributed these impressive results to favorable conditions in the global copper market. He highlighted that copper prices continue to rise, driven by the increasing production of electric vehicles worldwide.
The Armenian government owns approximately 22% of ZCMC's shares. Prime Minister Pashinyan confirmed plans to list the company on the stock market, enabling Armenian citizens to purchase ZCMC shares. According to Deputy Prime Minister Mher Grigoryan, transparency in the combine’s expenditures and procurement processes has significantly improved over the past two years.
During the government meeting, it was also noted that such substantial contributions to the state budget from ZCMC were made possible not only due to high global copper prices but also following the government’s acquisition of a stake in the enterprise, which led to improved tax revenue dynamics.
Earlier, BMG reported that ZCMC, Armenia’s largest taxpayer, contributed around $215 million in taxes to the state budget in the first nine months of 2024 (a figure slightly different from the tax contributions mentioned by the Prime Minister), marking a 37% increase compared to the same period last year.
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