Government transfers 6,8% shares of Zangezur Copper Molybdenum Combine to ANIF for management

YEREVAN, AUGUST 24, ARMENPRESS. The Government of Armenia transferred the management of 6,8% shares it holds at the Zangezur Copper Molybdenum Combine to the Armenian National Interests Fund(ANIF).

The government holds ownership right for the shares and ANIF will manage it under fiduciary management.

“ANIF is a 100% state-owned commercial organization whose mandates include the effective representation of the state, as the owner, in assets of strategic importance for the state,” the Deputy Chief of Staff of the Prime Minister’s Office Bagrat Badalyan said at the Cabinet meeting.

PM Nikol Pashinyan reminded that back in 2021 the Government received from the Zangezur Copper Molybdenum Combine 15% of shares as donation, and these 15% were given by the government to ANIF for management.

“Now in 2022, on March 24, we received another 6,8% in donation. Back then we accepted this donation by a confidential decision. Why? Because the donator had a request relating to their commercial affairs and asked for secrecy. Now, they don’t have the need for secrecy anymore and we are handing over these 6,8% shares to ANIF for management. After March 24 the Armenian government holds 21,875 percent shares, which is a very important development,” the PM said.