YEREVAN, July 9, /ARKA/ . The Zangezur Copper and Molybdenum Combine in the southern Armenia said today it has begun a process to enter Armenia’s securities market with the support of Ameriabank.
The company said it is going to ask the Central Bank of Armenia to register a prospectus for the issue of nominal coupon bond to the tune of $50 million and 2.5 billion Armenian drams, which is unprecedented for the non-financial organizations.
“This is another significant step aimed at increasing the transparency of the Zangezur Copper and Molybdenum Combine. It is expected to more fully disclose the company’s financial and economic results, future development programs, geological and other data. At the same time, the full list of its shareholders and beneficiaries will be made public regardless of the amount of their share,” the combine said in a statement.
It said this initiative is the outcome of a new higher level relations with Ameriabank, which is consonant with the Combine’s policy of transparency, publicity and public accountability aimed at developing the country’s economy, in particular, the securities market and stock trading.
Zangezur Copper Molybdenum Combine Closed Joint Stock Company is a leading Armenian mining company with headquarters in Kajaran, Armenia. It operates large, long-lived, assets with significant proven and probable reserves of molybdenum and copper. The largest in the region open pit mine extracts copper and molybdenum rich ore which is then processed to produce two separate concentrates. In 2004 the combine was privatized. Its largest shareholder is the German Cronimet Mining AG. ($1 – AMD 476.90) -0-
