Armenian assets of GeoProMining Group of Compaines have significantly increased payments to the state budget
According to the results of the first half of 2022, tax payments to the state budget of the Republic of Armenia from Zangezur Copper-Molybdenum Combine CJSC, which is part of the international Group of Companies GeoProMining, amounted to 104.7 billion drams.
ZCMC tops the list of the largest taxpayers in the republic. For the same period of 2021, the company's tax payments amounted to 26.8 billion drams. Thus, tax payments to the state budget increased by 3.9 times. This year, the management company intends to invest more than 65 million US dollars in the modernization of ZCMC production.
It is planned to increase the processing of copper-molybdenum ore from 17.6 million tons in 2021 to 22 million tons in 2022, which is 25% higher than the actual figures of the previous year. Another asset of GeoProMining Group of Companies - Agarak Copper-Molybdenum Combine CJSC, is in the top ten of the largest taxpayers in Armenia with 7.7 billion drams of taxes paid. For the first half of 2021, the plant's tax payments amounted to 1.85 billion drams.
That is, in 2022, payments are increased by more than 4 times. ACMC’s total planned capital expenditure for 2022 is 6.1 million USD. Investments are aimed at updating the fleet of flotation machines, as well as updating other fixed assets, which will lead to an increase of metal recovery.
It should be reminded that GeoProMining Group of Companies, one of the largest industrial investors in Armenia, has been operating in the country for 15 years. In September 2021, the group acquired the controlling package of shares of Zangezur Copper - Molybdenum Combine CJSC.
The Armenian assets of the group also include Sotk gold mine, Ararat gold recovery plant and Agarak Copper-Molybdenum Combine. For 15 years of work, the group has invested about 500 million USD in the modernization of its Armenian enterprises. The amount of the Group's social investments in the development of the regions, where it operates, exceeds 15 million USD.