Armenia’s largest taxpayer, the Zangezur Copper-Molybdenum Combine (ZCMC), contributed approximately $216 million in taxes to the state budget in the first nine months of 2024—a 37% increase compared to the same period last year, reports the Economic Journalists Club.
According to Armenia’s Statistical Committee, the industrial production volume in September 2024 reached $633 million, reflecting a 4.6% year-over-year growth. However, the mining sector saw a 5.6% decline during this period.
Currently, Armenia has eight active mines, including the Zangezur and Kajaran copper-molybdenum plants, Agarak Plant, and the Lichkvaz, Kapan, Teghut, Meghradzor, Akhtala, and Vardenis deposits. The head of the Union of Miners and Metallurgists, Vardan Janyan, noted that Armenia is not a major mining country, accounting for only 1% of global copper demand and 3-4% of global molybdenum demand.
Meri Boyajyan, an expert at the Orbeli Analytical Center, highlighted that the increase in tax revenue is primarily due to rising global copper prices, which have boosted the revenues of mining companies. Armenia processes about 34 million tons of ore annually, with 19 million tons coming from ZCMC.
The mining sector, which contributes up to 5% of Armenia's GDP, employs around 10,000 people. According to Janyan, while the sector employs a relatively small workforce, it compensates with high production efficiency and plays a significant role in the development of local communities, providing stable employment to the population.
