ANIF will no longer manage government's stake in ZCMC

The Armenian National Interests Fund (ANIF) has announced that it will no longer manage the shares of the Armenian government in the Zangezur Copper Molybdenum Combine (ZCMC) CJSC.

The stake was handed over to the management of the ANIF in 2022 by the government decision.

“According to the new decision of the Government of the Republic of Armenia, the shares owned by the Government of the RA will be transferred to the State Property Management Committee of the Republic of Armenia,” ANIF said in a statement on Thursday.

According to official reports, the Armenian government owns 21.875% of the ZCMC shares.

Many human rights activists, civil society and political figures have called the donation of the mining giant’s shares to the government a “shady deal”, citing corruption risks.

The government has refused to publicize the donation agreement to date.