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CRONIMET MINING JUSTIFIES LEASING OF "EMINENT DOMAIN" LANDS
hetq
12:56, December 13, 2011
It has been more than 15 years since CRONIMET Group of companies has
launched its business operations in Armenia. Over this period, the
Group has made significant investments into the mining and metallurgy
sectors of Armenia thus contributing to the overall advancement of
the country's economy and bringing in international expertise.
The largest subsidiary of the CRONIMET Group of Companies in Armenia
is the Zangezur Copper Molybdenum Combine CJSC (ZCMC); the operations
of the latter are being controlled by a number of legislative acts
and agreements. In the framework of the obligations undertaken,
the CRONIMET Mining AG and the ZCMC have spent more than USD 400
million to fulfill ambitions investment and development program
resulted in production capacities expansion, substantial performance
advancement, state and community tax revenues increase. Moreover,
the developments in the company always lead to the increased direct
and derived employment.
Today, the ZCMC is the largest taxpayer in Armenia having paid to
the state budget AMD 22.5 billion during the 9 months of 2011. At the
same time, the ZCMC is one of the largest employers in the country,
ensuring more than 3100 direct work places; along with its satellite
and sub-contractor companies this number exceeds 10,000. The amounts
paid by its customers for the production of the company constitute
noticeable portion of the currency revenues of the RA.
The ZCMC gives special importance and care to the social issues in
the country; as such the company permanently designs and carries
out large number of multifaceted social, cultural, educational and
charity projects throughout the country, donating large amounts for
these purposes.
The inclusive performance of the obligations undertaken by the
investor and the Company to the State and to the society implies
further expansion of the production facilities and this is clearly
articulated in the number of agreements signed with the Government
of Armenia.
Therefore, taking into consideration the Development program
of the Kajaran Copper Molybdenum Mine and the perspectives of
the open-pit expansion, the Government of Armenia by its Decree
627-N, dated 28.04.2011 has declared particular territories within
the administrative borders of the Syunik marz as the eminent public
domain, thus altering their target value. Moreover, these territories
have been leased to the ZCMC fully in accordance with the respective
legislation of the RA.
In this case, we do believe that the eminent public domain is being
conditioned by the benefits to be gained from the Kajaran Copper
Molybdenum Mine development and open pit expansion. The further
enhancement of the mine would instantaneously lead to the increase in
manufacturing and export volumes, thus strengthening the stability
and diversification of the Armenia's economy and export potential,
ensuring availability of jobs and revenues for the citizens and
contributing to the positive branding of the country worldwide.
In response to the article published by the "EcoLur" Informational
NGO on 1.12.1011, the CRONIMET Mining AG would like to officially
declare that the management of its Armenian subsidiary, the Zangezur
Copper Molybdenum Combine CJSC, is accepting the applications from
the citizens with issues, comments, discussions or proposals related
to the Government of Armenia Decree 627-N, dated 28.04.2011 and is
striving to ensure the most beneficial and acceptable solution for
all these citizens. From our side, we would like to assure and to
guarantee, that the ZCMC is acting solely within the frames of the
existing legislation of the Republic of Armenia prudently taking into
account the interests of the local population.
hetq
12:56, December 13, 2011
It has been more than 15 years since CRONIMET Group of companies has
launched its business operations in Armenia. Over this period, the
Group has made significant investments into the mining and metallurgy
sectors of Armenia thus contributing to the overall advancement of
the country's economy and bringing in international expertise.
The largest subsidiary of the CRONIMET Group of Companies in Armenia
is the Zangezur Copper Molybdenum Combine CJSC (ZCMC); the operations
of the latter are being controlled by a number of legislative acts
and agreements. In the framework of the obligations undertaken,
the CRONIMET Mining AG and the ZCMC have spent more than USD 400
million to fulfill ambitions investment and development program
resulted in production capacities expansion, substantial performance
advancement, state and community tax revenues increase. Moreover,
the developments in the company always lead to the increased direct
and derived employment.
Today, the ZCMC is the largest taxpayer in Armenia having paid to
the state budget AMD 22.5 billion during the 9 months of 2011. At the
same time, the ZCMC is one of the largest employers in the country,
ensuring more than 3100 direct work places; along with its satellite
and sub-contractor companies this number exceeds 10,000. The amounts
paid by its customers for the production of the company constitute
noticeable portion of the currency revenues of the RA.
The ZCMC gives special importance and care to the social issues in
the country; as such the company permanently designs and carries
out large number of multifaceted social, cultural, educational and
charity projects throughout the country, donating large amounts for
these purposes.
The inclusive performance of the obligations undertaken by the
investor and the Company to the State and to the society implies
further expansion of the production facilities and this is clearly
articulated in the number of agreements signed with the Government
of Armenia.
Therefore, taking into consideration the Development program
of the Kajaran Copper Molybdenum Mine and the perspectives of
the open-pit expansion, the Government of Armenia by its Decree
627-N, dated 28.04.2011 has declared particular territories within
the administrative borders of the Syunik marz as the eminent public
domain, thus altering their target value. Moreover, these territories
have been leased to the ZCMC fully in accordance with the respective
legislation of the RA.
In this case, we do believe that the eminent public domain is being
conditioned by the benefits to be gained from the Kajaran Copper
Molybdenum Mine development and open pit expansion. The further
enhancement of the mine would instantaneously lead to the increase in
manufacturing and export volumes, thus strengthening the stability
and diversification of the Armenia's economy and export potential,
ensuring availability of jobs and revenues for the citizens and
contributing to the positive branding of the country worldwide.
In response to the article published by the "EcoLur" Informational
NGO on 1.12.1011, the CRONIMET Mining AG would like to officially
declare that the management of its Armenian subsidiary, the Zangezur
Copper Molybdenum Combine CJSC, is accepting the applications from
the citizens with issues, comments, discussions or proposals related
to the Government of Armenia Decree 627-N, dated 28.04.2011 and is
striving to ensure the most beneficial and acceptable solution for
all these citizens. From our side, we would like to assure and to
guarantee, that the ZCMC is acting solely within the frames of the
existing legislation of the Republic of Armenia prudently taking into
account the interests of the local population.