Zangezur Copper and Molybdenum Combine

The Sangesurer copper and molybdenum combine (Armenian Զանգեզուրի պղնձամոլիբդենային կոմբինատ, Sangesuri pghndsamolibdenajin industrial complex ) is a mining company in Armenia.

History

The first geological investigations at Kadscharan in the Syunik province took place in 1935. The construction of the " Kadscharaner copper and molybdenum mine " began in 1940, but was interrupted because of World War II until 1944. The mining of molybdenum- copper ores began in 1951. Middle of the 1970s, the combine was named after the region Sangesur. After the independence of Armenia from the Soviet Union in 1991, the deep economic crisis also affected the Sangesurer copper and molybdenum combine. It stood still until 1994. 2002, annual production reached again 8 t of ore

Since privatization in 2004

The combine was privatized in 2004 for 132 million U.S. dollars, with 60 % of the shares, the German CRONIMET Mining GmbH took over, while the remaining 40 % was acquired by local investors, these are Pure Iron Plant ( Yerevan ) with 15 %, Armenian Molybdenum Production of 12.5 % and 12.5 % Zangezour mining. 2005 5368 t of molybdenum concentrate and 10517.5 tonnes of copper concentrates were produced. For 2006 7313 t of molybdenum concentrate and 12 398 t of copper concentrates are planned. According to information from the combine plans to make to the end of 2008, total investment of 157 million U.S. dollars and the number of jobs by 3000 to increase to 4500.

The Sangesurer copper and molybdenum combine is the largest taxpayers of Armenia ( in 2005, 30 billion dram, the equivalent of around 55 million euros ).