According to the results of the three quarters of 2022, the Zangezur Copper-Molybdenum Combine, which is part of the GeoProMining group of companies, retained its leadership among the taxpayers of the Republic of Armenia.

During the reporting period, ZCMC paid more than 129 billion drams of various types of taxes to the state budget of the republic, which is 304% more than in 2021 (42.3 billion drams). At the same time, the amount of income tax payments increased more than three times - up to 32.3 billion drams.

GeoProMining reported that the following factors contributed to a significant increase of tax payments to the state budget: an increase in the cost of products, produced by ZCMC, in international markets, the introduction by the state of a new tax on the export of concentrate, as well as the optimization of production processes and costs, and an increase in the productivity of ZCMC.

Roman Khudoliy, President of the GeoPromining Group of Companies noted that despite a certain decline in recent world prices for copper and molybdenum, the annual price dynamics is positive.

“In addition, a significant factor in increasing the profitability of the asset was the optimization of production processes, production costs and the introduction of tender procedures at the company. Along with the achievement of dynamically growing economic and production indicators, a task was set to demonstrate a high level of environmental responsibility, readiness to apply the most effective measures to minimize the negative impact of production activities on the environment.

In order to achieve a high level of environmental responsibility of business, along with the optimization of production, we are working to improve the corporate policy on sustainable development, standards and practices,” he said.

Roman Khudoliy noted that the entire working team of ZCMC took serious measures this year, which resulted in success.

“I express my gratitude to the entire staff of ZCMC, who made a great contribution to ensuring such positive results of the company’s activities,” he said.