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Government hands over its stake in ZCMC to ANIF Entrusted Management

05/01/2022

Armenian National Interest fund (ANIF) announced today that the Government of the Republic of Armenia, has handed over its 15.000033% shares in Zangezur Copper and Molybdenum Combine (ZCMC) CJSC to the ANIF entrusted management.

ANIF’s mandate implies participation in the management of strategic assets in the Republic of Armenia, in cases when the investor wants to have the state’s participation. ANIF welcomes the decision of the Government of the Republic of Armenia to manage its 15% share in ZCMC through an institutional professional entity.

It is a common practice in the mining industry, especially in developing countries, to offer a small stake to the host country out of goodwill aimed at creating shared values and fair distribution of benefits.

We look forward for this cooperation to become a start of new economic opportunities, while prioritizing the balance between the interests of the state and the public and that of the investor. In this context, the willingness of all parties, including that of other stakeholders, to take steps to improve sustainability performance and implement best 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.

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