Avinian Will Not Be Appointed as Director of ZCMC, but as a Member of the Board of Trustees

Former Deputy Prime Minister Tigran Avinian will not be appointed as the director of the Zangezur Copper-Molybdenum Combine (ZCMC), as reported in the media, but rather as a member of the company's Board of Trustees. This information comes from sources close to Avinian, as reported by 24News.

It is worth noting that a recent change in shareholders took place in Armenia's largest enterprise, where the largest share was acquired by GeoPromining, a company involved in mining operations in Armenia and Russia. The major shareholder has also transferred 15% of its capital to the government.

Prime Minister Nikol Pashinyan, commenting on the news regarding the government’s acquired shares, stated that GeoPromining plans to build a copper smelter in Armenia, which would allow for the export of not just concentrates but finished products as well, including a nuclear power plant. Interestingly, the news about the construction of a nuclear power plant has raised considerable skepticism among experts, as GeoPromining has never built a nuclear power plant, and such specialization and authority in Russia is exclusively held by the state company 'Rosatom'.