Armenia to sign 50% ZMMK sale deal with Cronimet soon

Interfax
Nov 17 2004

Yerevan. (Interfax) – During a working visit to Germany November
17-19, Armenian President Robert Kocharian is expected to sign a deal
with the German company Cronimet for 50% of the stock in Zangezursky
Copper and Molybdenum Plant, or ZMMK, a source familiar with the
negotiation process told Interfax.

Cronimet and Comsup Commodities, which is in line to buy the other
50% stake in ZMMK, each paid the Armenian government $12.5 million in
security for exclusive negotiations for the enterprise.

The government set ZMMK’s price at $130 million, and each of the two
companies is to pay half that for their 50% stakes.

Cronimet owns 48% of the stock in Yerevan’s Chistoye Zhelezo (Pure
Iron), which processes molybdenum concentrate produced by ZMMK.

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS