Canadian Company Ready to Invest up to $5 Billion in Armenia for Copper and Molybdenum Extraction

YEREVAN — Vardan Jhanian, President of the Union of Mining and Metallurgical Companies of Armenia, described the recently concluded Mining Armenia Forum 2025 (MAF25)—held in Tsaghkadzor on October 4—as a success, emphasizing its role in showcasing Armenia’s mining potential.

In an interview with Armenpress, Jhanian revealed that a Canadian company has expressed strong interest in copper and molybdenum extraction projects in Armenia. According to him, the company is prepared to invest up to $5 billion, provided that exploratory studies confirm sufficient reserves and the economic feasibility of mining operations at the identified site.

Jhanian highlighted that such conferences play a crucial role in advancing the mining sector and contributing to Armenia’s overall economic growth. He noted that the event provided a platform for discussing key industry challenges and opportunities, as well as outlining future development prospects.

“The forum fulfilled its main goal — to promote the development of the mining sector and, consequently, Armenia’s economy. Judging by the attitudes and remarks of both the business community and government representatives, we can already observe positive trends toward growth. We hope this forum becomes a traditional annual event,” Jhanian said.

He also emphasized the importance of the open and candid dialogue that took place during the conference on a wide range of issues, underscoring the value of constructive discussion in shaping the sector’s future.