In January–May 2024, Armenia's mining exports significantly increased, according to the Economic Journalists' Club.
Copper concentrate exports grew by 17%, reaching 136,210 tons. Molybdenum concentrate exports nearly doubled, increasing 1.9 times from 2,657 tons to 5,142 tons. Additionally, the export of precious metal concentrates (gold and silver) increased by 18%, reaching 8,725 tons in January–May 2024.
However, alongside the growth in other metal exports, the export of ferromolybdenum, including ferroalloy molybdenum, decreased by almost 30%, from 3,812 tons to 2,718 tons. Ferromolybdenum is a more refined product of molybdenum concentrate, adding slightly more value to Armenia's economy. However, its production and export depend on market demand.
During the same reporting period, zinc concentrate exports decreased by 6%, amounting to 4,002 tons compared to 4,250 tons a year earlier.
It should be noted that copper prices have been rising since the beginning of this year. In addition to long-term growth trends driven by the development of renewable energy sources, copper production has declined since mid-March.
Zinc prices remain higher than a year ago but fluctuate; the World Bank even predicts a slight decline due to relatively weak economic activity in China.
Thus, statistical data for the first five months of 2024 show growth in the mining sector compared to last year.
However, while typically around 30-32% of Armenia's total exports were mining products, including copper, molybdenum, and other metal concentrates, the sharp increase in re-export volumes over the past one to two years has changed this figure.
