The Armenian government has given the green light to the construction of a new metallurgical plant which officials say will create more than 1,000 jobs and recycle industrial waste from other mining enterprises generating much of Armenia's export revenue.
The privately owned facility is to extract ore from several "tailings" dumps in southeastern Syunik province that mainly belong to the Zangezur Copper and Molybdenum Combine (ZCMC), the country's largest mining company.
The ZCMC's principal shareholder, the German metals group Cronimet, signed last October a corresponding memorandum of understanding with the government and two other, little-known firms: VSEI Ventures Group and Alyotig. The latter is apparently based in Armenia, while VSEI might be connected with VS Energy International, a Dutch-registered holding company controlled by Russian and Ukrainian investors.
Armenian News
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