Our History and Recent Development

The first geological investigations in Kajaran area started back in 1850s and continued to 1931 when large scale drilling program in this area began. The mine first started production in 1951, and has continued production to the present day.

The Company was established as a state owned enterprise in 1951. In 2004 ZCMC was privatized and currently the owners are:  the CRONIMET Mining GmbH (60% of shares), “The Plant of Pure Iron” OJSC (15% of shares), Armenian Molybdenum Production Ltd. (12.5%) and Zangezour Mining Ltd (12.5%).  

Within the period of its operations the ZCMC has recommended itself as a trustable partner having aboard high-class professional engineering and technical staff.

ZCMC aims to maximize the overall return to its shareholders by sustainably finding, mining and processing molybdenum and copper - areas of expertise in which we have a clear competitive advantage. A fundamental part of this is to deliver value while operating in an ethically and socially responsible manner, and remaining committed to long term sustainable development.

In line with this statement, we have completed the first stage of our comprehensive investment program realized during 2005-2008, which allowed us significantly reducing the costs and increase the overall effectiveness of our production. Keeping this trend up, by the end of 2010 the largest mill in the region is to be installed and operational at the plant thus increasing the production volumes to 14 million tons of ore per annum in the nearest future. Among other modernization projects currently underway the construction of our own transformer and steam stations and technical water reservoir ensuring the environmental safety of the plant could be emphasized. 

We strive to maintain a competitive edge through operational excellence and innovation. Our skills include the breakthrough developments of novel methods for exploring, mining, and processing – paving the way for less energy intensive, more environmentally sound, and more cost-effective operations. 

Continue to maximize free cash flows.  ZCMC has a proven track record for generating significant cash flows. We will continue to maintain active programs to improve efficiencies throughout our mining operations to optimize production.

Maintain a strong financial profile.  While copper, gold and molybdenum prices will play a significant role in determining the extent of the combined company’s free cash flows, we will continue to strengthen our financial profile as well as maximize the cash flows from operations through effective production and aggressive cost management.

Actively pursue project pipeline and exploration. We manage our business to maximize the long-term value of our mineral deposits. We have been disciplined in managing and evaluating potentially attractive capital investments. We will have significant potential for growth through the development of our existing asset base and exploration, which we plan to develop actively to grow production and ore reserves.