The Republic of Armenia, being the owner of about 15% (15.000033%) shares of Zangezur Copper and Molybdenum Combine (ZCMC) CJSC, has transferred to the trust management of the State Interest Fund of Armenia (ANIF) about 15% simple shares.
The mandate of ANIF includes participation in the management of strategic assets in the Republic of Armenia, in cases when the investor wants to have a state participation. In this regard, ANIF hails the fact that the Republic of Armenia will realize its 15% share in ZCMC through a professional structure.
ANIF attaches importance to the state-private separation, exclusion of interests, implementation of mechanism of checks and balances.
It is common practice in the mining industry, especially in developing countries, when mining companies, as a host country, offer a small stake in the host country out of goodwill to create common values and a fair distribution of profits.
We hope that this cooperation will be the beginning of new economic opportunities, making the combination of the interests of the state, the society and the investor a priority. In this context, the willingness of all parties, including other stakeholders, to take action to improve sustainability performance and to introduce best mining practices is of particular importance. We are convinced that this is a precondition for the effective management of the mining sector in the modern world,” ANIF said.