Armenia Mining Exports Target $3 Billion by 2030

Armenia's mining industry is poised for substantial growth, with sector leaders projecting exports could exceed $3 billion within the next five to six years. The optimistic forecast comes from Vardan Janyan, head of the Union of Miners and Metallurgists and First Deputy General Director of Zangezur Copper and Molybdenum Combine (ZCMC), who cites expanding copper, molybdenum, and gold production as primary drivers.

The country's mining sector, though contributing only 3-5 percent to GDP, dominates exports at approximately 50 percent of total merchandise trade. Copper resources alone represent the single largest contributor to Armenia's export revenues, with China, Switzerland, Iran, Russia, and Bulgaria among leading importers of Armenian copper ore and concentrate.

At the heart of Armenia's mining potential lies the Kajaran copper-molybdenum mine, the nation's largest mining operation holding 2.24 billion tonnes of ore reserves. This single deposit accounts for 6 percent of global molybdenum reserves and 60 percent of Armenia's mining turnover.

The sector has attracted significant foreign investment, drawing $146 million in 2022 alone, representing 15 percent of total FDI that year. Key opportunities for investors include developing processing facilities for copper, gold, and molybdenum.

Armenia's commitment to transparency has strengthened investor confidence. In June 2025, the country launched a public nationwide register of beneficial owners covering more than 120,000 companies across all sectors.