Strategic sustainability and long-term commitment – CRONIMET Mining Armenia
Since 2004 CRONIMET Mining has held a majority stake in the largest copper and molybdenum producer in the South Caucasus region, Zangezur Copper Molybdenum Combine (ZCMC). ZCMC has a considerable role to play in the future supply of molybdenum to industry.
The deposits at the Kajaran Mine contain a total of 2.24 billion tons of ore, which is six percent of the world's molybdenum reserves. The copper- and molybdenum-bearing ore is extracted from the open-pit mine before being crushed, ground, separated by flotation, filtered and processed into copper and molybdenum concentrate. Whereas the copper concentrate is marketed directly, the molybdenum concentrate is further processed into molybdenum derivatives by Armenian partner companies.
CRONIMET Mining as the majority shareholder and investor
CRONIMET Mining has held a majority stake in ZCMC since 2004. Ever since we have consistently invested in modernising operations, expanding infrastructure and improving environmental standards. For example, these investments have financed the installation of a new semi-autogenous grinding (SAG) mill, the construction of a modern transformer substation, and a dam project to facilitate eco-friendly water use. By providing this capital, we are not only cementing ZCMC's market position, we are also actively helping to improve standards for people and the environment.
In 2008 the licences required to extract the ore were extended up to 2030.
ZCMC supports numerous local social and environmental projects. These are long-term projects conceived with an emphasis on sustainability.
Aside from ZCMC's social projects, CRONIMET Mining also supports social and cultural institutions, schools and educational establishments and university graduates throughout Armenia. To improve the coordination of our diverse social activities, in 2011 we founded the CRONIMET Charity Foundation.