Press releases / Shareholders Meeting of “Zangezur Copper Molybdenum Combine”
Shareholders' Meeting of “Zangezur Copper Molybdenum Combine” CJSC was held on May 25 ZCMC owners are: the CRONIMET Mining AG (60% of shares), “The Plant of Pure Iron” OJSC (15% of shares), Armenian Molybdenum Production Ltd. (12.5%) and Zangezour Mining Ltd (12.5%).
From German side meeting was attended by the founder and president of CRONIMET Group of Companies, Armenia's Honorary Council in Baden Wurttemberg Günter Pilarsky, Cronimet Mining AG Executive Director Thomas Heil and other representatives of the company.
One of the main development directions of Cronimet Mining AG is the ZCMC’s production capacity expansion. Since the company was privatisated, individual projects were carried out and more than US$350 million in investments were made. As such production capacity rose by around 75%. Currently, ore-processing capacity is 14Mt/y. The company is going to launch the biggest in the region complex of ore crushers in September.
During the meeting, shareholders decided to launch the next stage of re-equipment to enlarge capacity to 20Mt. At the same time shareholders unanimously decided to pay 5% of its net profit to employees as a bonus each year, after summing up the economic results of the year. Work experience, position and features of the work will be taken into account. So each employee will have its own share from the profit of the combine.