Interfax
Nov 17 2004
Armenia to sign 50% ZMMK sale deal with Cronimet soon
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.
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