Armenia's mining exports may surpass $3 billion in 5-6 years – head of the Union of Miners and Metallurgists

YEREVAN, October 3. /ARKA/. In the next 5-6 years, driven by the production of copper, molybdenum, and gold, Armenia's mining exports could potentially exceed $3 billion, according to Vardan Janyan, the head of the Union of Miners and Metallurgists and First Deputy General Director of Zangezur Copper and Molybdenum Combine (ZCMK).

"This export figure will surpass Armenia's total exports recorded in 2021. Why specifically 2021? Because following that year, there has been a significant rise in re-exports, which contribute very little in terms of added value," he remarked during the Mining Armenia Forum. Janyan highlighted that the mining sector possesses considerable export potential when compared to other industries.

"We have the essential reserves; we merely need to leverage these opportunities effectively, and within a few years, we could achieve a favorable foreign trade balance. There is also potential in renewable energy," Janyan stated.

As per the Armenian State Statistics Service, industrial output in Armenia fell by 9.8% during the first seven months, totaling 1.5 trillion drams. Mining and open-pit mining represent 17.6% of the overall output. This sector generated approximately 265 billion drams worth of goods during the reporting period, reflecting a 1% decrease. ($1 = 383.34 drams).-0-