Mining Forum Armenia opened in Armenia`s Tsakhkadzor 

ArmInfo.The Mining Forum Armenia, an international mining forum, opened in Tsaghkadzor. For the second year in a row, it brings together the industry's potential to discuss strategic priorities, shape sustainable development  prospects, and identify new opportunities for cooperation. This year,  the forum is being held under the motto "Mining and Energy:  International Trends and Armenia's Potential."

During the opening ceremony, Vardan Janyan, First Vice President of  the Zangezur Copper and Molybdenum Combine (ZCMK), noted that the  mining industry is one of the pillars of Armenia's economy.  "We've  often heard this expression, but is it really true? In Armenia, the  main metals mined are copper, molybdenum, and gold. Their demand and  importance will only grow on the international market," he said.   Citing international forecasts in this regard, Janyan noted that the  importance of copper will exceed that of oil. In other words, he  said, a major transition will take place from the oil era to the  copper era. In this context, the expert noted that within one to two  decades, demand for copper on the international market will exceed  that of oil. Janyan also emphasized that demand for molybdenum will  also increase.

Regarding gold, he noted international market prices, which already  demonstrate the metal's indispensability as a guarantor of stability.

With these three metals alone, the Republic of Armenia will be able  to achieve $3 billion in mining exports, exceeding Armenia's entire  export volume in 2021. "The reason I compare this to 2021 is because  it was followed by a period of re-exports, which has a negligible  impact on added value. This means that our sector has enormous  potential for export, unmatched by any other industry," Janyan  emphasized.

He noted that all international economies are trying to improve their  export performance and foreign trade balances, especially when  Armenia has the best opportunities to do so. "We simply need to use  the opportunities available to us wisely. And in a few years, we will  have a positive foreign trade balance, a strong economy, and improved  living standards for our population," Janyan said.

More than 250 representatives of government agencies, the  professional community, the private sector, and investment companies  are participating in the two-day forum. Leading experts from Armenia,  Canada, the Netherlands, Kazakhstan, Russia, the United States,  Belarus, and the United Arab Emirates will speak at the event, which  will feature panel discussions, keynote speeches, and interviews.

Key discussion topics included: "Mining as a New Energy Source:  Investment Opportunities and Global Economic Trends," "The Current  State of Armenia's Mining Industry and Future Prospects,"  "Sustainable Development in the Mining Sector and Public Trends," and  "Sustainable Development as a Result of Technological Progress: The  Role of Technology in the Mining Industry and Beyond," among others.  The event's main sponsor was the Zangezur Copper and Molybdenum  Combine.

It should be noted that, according to the Statistical Committee of  the Republic of Armenia, in January-July 2025, mining and open-pit  mining output decreased by 1% year-on-year, amounting to 265 billion  drams.  Metal ore mining declined by 2% to 245.6 billion drams.

According to the RA Customs Service, in 2024, Armenia increased its  copper ore exports by 20.4% to 341,500 tons (compared to a 20.4%  decline in 2023). The customs value of copper ore increased by 15.5%,  reaching $558.3 million.

Copper ore was primarily exported to China (76.6%), Bulgaria (13.3%),  Serbia (2.8%), Switzerland (2.6%), Russia (2.4%), and Iran (2.2%).  Smaller shipments were also exported to the Netherlands, the United  Kingdom, and Australia.

Molybdenum concentrate exports increased by 2.5% during the reporting  year (compared to 8.2% growth in 2023), reaching 11.4 thousand tons,  with a 4.1% decrease in customs value to $220.6 million.  Molybdenum  concentrate was supplied from Armenia to the markets of Belgium  (41.6%), China (17.9%), Russia (13.2%), Hong Kong (7.7%), the  Republic of Korea (6.3%), Thailand (5.3%), the Netherlands (4.9%), as  well as Slovenia, Austria, India, Australia, and the United Kingdom.

In 2024, Armenia exported 77,566.9 kg of gold, with annual growth  decelerating from 3.2 times to 2.7 times. The customs value of gold  exported in 2024 also slowed in year-on-year growth from 4.3 times to  3 times, amounting to $5.6 billion.

The largest volume of gold exports went to the UAE (70.2%) (versus  71.4% in 2023) and Hong Kong (20.2%) (versus 25.4%). Exports to India  and the Czech Republic were suspended, while gold exports to China  increased from a negligible amount to 8.6% of the total, while the  meager volume of gold exports to Russia and Italy increased only  slightly.

As a reminder, Zangezur Copper and Molybdenum Combine (ZCMK) is the  largest mining company in Armenia. The combine operates the Kajaran  copper-molybdenum deposit. The combine's ore supply is approximately  150 years. The combine produces molybdenum and copper concentrates.  Molybdenum concentrate contains 50% molybdenum, and the copper  content in copper concentrate is at least 15%. The company's annual  production volume is approximately 22 million tons of ore. ZMMK's  share of global molybdenum production is approximately 3.8%.

The company places great emphasis on sustainable development. It is  the only processing company in Armenia operating within a program  that complies with international ESG (environment, social issues, and  corporate governance) practices. ZMMK places great emphasis on ESG  principles and strives to set a role model for other companies. For  the third year in a row, the company has published its annual  sustainability report and is committed to implementing its own  "green" energy agenda.