ArmInfo. The Zangezur Copper-Molybdenum Combine (ZCMC) presented its fifth sustainability report for 2025, summarizing the company’s key sustainability results, changes implemented in its management system, as well as priorities for the upcoming period.
One of the main new features of ZCMC’s annual sustainability report this year was an assessment conducted in accordance with the framework of the Taskforce on Nature-related Financial Disclosures (TNFD). ZCMC became the first company in Armenia to conduct a TNFD assessment, analyzing the existing interconnections between the company’s activities and nature, as well as the related risks and opportunities.
In addition, as part of the 2025 report, a double materiality assessment (DMA) was conducted for the first time, making it possible to consider sustainability issues both from the perspective of their impact on the company’s activities and from the perspective of the impact of the company’s activities on the environment and society.
As ZCMC’s press service told ArmInfo, in preparing the report, the company has been cooperating with KPMG Armenia for the third consecutive year, while the external audit of the third report in succession was conducted by Grant Thornton Armenia. The latter was prepared in accordance with the standards of the Global Reporting Initiative (GRI) and the guidance of the Sustainability Accounting Standards Board (SASB - Sustainability Accounting Standards Board).
The report was presented on September 15 at the National Polytechnic University of Armenia (NPUA), with the participation of representatives of the professional community, government agencies, partners and other stakeholders.
Opening remarks at the event were delivered by ZCMC CEO Roman Khudoliy, Rector of the National Polytechnic University of Armenia Gor Vardanyan, and ZCMC Deputy CEO and Director of Sustainable Development Armen Stepanyan.
In particular, the Combine’s CEO noted that sustainable development is a continuous journey during which international standards and the expectations of society and investors change, and therefore the enterprise is also constantly developing. , Roman Khudoliy noted.
During the event, an was signed between NPUA, ZCMC and the ZCMC Charitable Foundation. As National Polytechnic University Rector Gor Vardanyan noted, the university will also soon present a sustainability report, whose preparation will be supported by the Zangezur Copper-Molybdenum Combine.
According to the source, during the report presentation, participants discussed the existing and legally planned reporting requirements in the field of sustainable development, as well as the main trends in sustainable development in Armenia’s private sector.
The report revealed that the company also developed a Climate Change Strategy for 2026-2040, which reflects the company’s commitment to strengthening its climate governance system, aligning its activities with Armenia’s climate commitments under the Paris Agreement, and contributing to the country’s transition to a low-carbon and climate-resilient economy.
The Strategy defines ZCMC’s long-term climate ambitions, as well as specific objectives, measures for their implementation, governance mechanisms and areas of responsibility aimed at effectively managing climate-related risks and opportunities within the company’s activities.
At the same time, the management and monitoring systems of the tailings facility continued to be improved in accordance with international best practices and the requirements of GISTM (Global Industry Standard on Tailings Management -Global Industry Standard on Tailings Management).
According to the published report, in 2025 the company’s total revenue amounted to $723 million, increasing by 1.4% over the year. During the reporting period, the company retained its position among Armenia’s largest taxpayers, ranking third in the country. This change was mainly
due to a lower level of royalty accruals compared with the exceptionally high figure recorded in the previous year. Total payments to the state budget amounted to approximately $73.5 million, including profit tax ($34.7 million) and royalties ($38.86 million), demonstrating the company’s contribution to public finances. Copper concentrate production in 2025 amounted to 203,919 tonnes, while molybdenum concentrate production amounted to 15,548 tonnes. ZCMC’s social investments amounted to 18.2 million, generally remaining at the 2024 investment level. A significant portion of them was directed to the enlarged communities of Kajaran and Kapan. The company’s direct contribution to gross domestic product (GDP) is estimated at 2.5%. The number of employees is 4,828, an increase of 3.7% compared with 2024. As part of its commitment to the principles of responsible mining and environmental protection, ZCMC continues the phased restoration of land alongside its ongoing operations. In particular, 42.53 hectares of land were restored, 2,880 kg of seeds, 4,209 trees and 340 shrubs were planted. The report also states that in 2025, environmental protection and biodiversity conservation assumed a more prominent place on ZCMC’s agenda, as Armenia is preparing to host the 17th Conference of the Parties to the UN Convention on Biological Diversity (COP17). , the report quotes the ZCMC CEO as saying. The full text of the report can be viewed by following the link:
It should be recalled that the Zangezur Copper-Molybdenum Combine CJSC (Zangezur Copper Molybdenum Combine CJSC) (ZCMC) is Armenia’s largest mining company. The Combine operates the Kajaran copper-molybdenum deposit. The Combine’s ore reserves are sufficient for approximately 150 years.
