The Zangezur Copper Molybdenum Combine (ZCMC) presented its third consecutive sustainability report during an event organized by the Union of Miners and Metallurgists of Armenia. The report highlights ZCMC’s activities in 2023, provides insights into ongoing initiatives for 2024, and outlines its future goals and objectives.
The presentation gathered a diverse audience, including industry experts, representatives fr om public organizations, government agencies, embassies, and academic institutions connected to Armenia’s mining sector.
The event featured a message from ZCMC General Director Roman Khudoliy: “Our sustainability strategy encompasses all dimensions -environmental, social, and governance - with a gradual adoption of international standards. We recognize that implementing these standards is a complex and ongoing process, requiring consistent and diligent effort, which we pursue through our sustainability policy.”
He further highlighted that sustainability is integral to modernizing technology, enhancing productivity, and effectively managing risks.
Key Highlights of the Sustainability Report
Armen Stepanyan, ZCMC’s Director for Sustainable Development, presented the report, which was prepared in alignment with international standards, including the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB). The report offers a comprehensive analysis of ZCMC’s contributions to Armenia’s economy, social development, and environmental stewardship.
Key achievements in 2023 included: Workplace Safety and Health: Introduction of new procedures to align with international standards, enhancing safety and occupational health. Corporate Governance: Implementation of updated regulations and policies on ethics, social issues, health protection, anti-corruption, and human rights. Environmental Stewardship: Updates to policies on climate change, biodiversity management, and environmental protection. Transparent Procurement Practices: Adoption of international best practices to improve procurement efficiency and transparency.
Public Perception and Survey Results
The event also showcased the results of a sociological study conducted by Breavis, combining nationwide telephone surveys and in-person interviews in the Syunik region.
The study revealed that 77% of Armenians believe the mining industry can coexist with environmental preservation and economic growth. In Syunik, 69.8% of respondents share this belief, with the majority being urban residents aged 31–45 with higher education.
The survey, titled “The Role of the Mining Industry in Armenia’s Economy: The Phenomenon of the Syunik Region and ZCMC”, was presented by Haykaz Fanyan, CEO of Modex Advisory. It highlighted the mining sector’s critical role in Armenia’s economy, particularly in Syunik, wh ere ZCMC operates as the largest mining company. Over 25% of Armenia’s industrial activity is linked to mining. Syunik, despite its small population, is Armenia’s wealthiest region, with the lowest poverty rate at 7%, compared to the national average of 23% and the highest rate of 43.1% in Shirak.