Zangezur Copper-Molybdenum Combine Pays Armenia $113 Million in Dividends for Its 21.87% Stake (2022–2024)

YEREVAN — Zangezur Copper-Molybdenum Combine (ZCMC) has paid the Republic of Armenia approximately $113 million in dividends for its 21.87% ownership stake between 2022 and 2024.

Alkhas Ghazaryan, a Member of Parliament from the ruling “Civil Contract” faction, addressed this issue in a Facebook post, referring to the earlier decision to make Armenia a shareholder in ZCMC—a move that was previously criticized by the opposition, similar to the ongoing state acquisition of the Electric Networks of Armenia (ENA).

“When ZCMC gifted approximately 21.87% of its shares to the Republic of Armenia, the local opposition again claimed the state was seizing a commercial company. One of their leaders even went further, alleging corruption,” Ghazaryan wrote.

He added that, based on 2024 financial results, ZCMC has this week paid 11.156 billion drams (approximately $28.5 million) in dividends to the Armenian state budget.

“In total, since 2022, Armenia has received around 44.406 billion drams ($113 million) in dividends from its 21.87% stake in ZCMC. When you include tax revenues, the sum becomes even more substantial,” he noted.

“In this light, just imagine how many billions of dollars Armenia could have received from ZCMC during the opposition’s 20 years in power—but didn’t. And yet, today, the return of a portion of the nation’s wealth to the state and the conscientious payment of taxes is interpreted by those same circles as expropriation and corruption. This is no coincidence. They are worried and trying to shield themselves, knowing they may one day be forced to return the wealth they took from the state and the people,” Ghazaryan wrote.