Tsaghkadzor – October 30, 2026 -- Armenia's mining exports could reach approximately $3 billion in 2027, driven by the development of the Amulsar mine and rising copper and molybdenum prices, according to Vardan Jhanian, President of the Mining and Metallurgy Association of Armenia and First Deputy CEO of Zangezur Copper Molybdenum Combine (ZCMC).
Jhanian spoke at the third annual Mining Armenia Forum 2026, which drew around 50 speakers from Armenia and 14 other countries and featured more than 30 presentations, panels and roundtables. He said growth must come with minimal impact on nature and surrounding communities, which he said requires adopting best sustainable-development standards.
Investors demand predictable rules for 10-15 year payback cycles
ZCMC CEO Roman Khudoliy said investment recovery in mining can take 10 to 15 years or longer. He called for a rethink of the relationship between the state and subsoil users and for transparent, consistent investment conditions that protect investor rights.
Mark Cutifani, the keynote speaker, said Armenia needs a clear, consistent regulatory framework, stronger engagement with local communities and constructive cooperation with government to attract long-term investment. He said countries with significant mineral resources could achieve substantial development over the next 50 to 100 years, with metals, technology and artificial intelligence shaping the sector.
IEA projects copper demand to rise by 7 million tonnes by 2040
The International Energy Agency projects global copper demand will increase by approximately 7 million tonnes by 2040, according to forum materials. The source says rising critical-mineral demand puts resource-holding countries such as Armenia in a position to capitalize on their reserves.
Deputy Prime Minister Mher Grigoryan said Armenia produces metals in international demand, including copper and molybdenum. "Our goal is to develop a qualitatively new mining industry," he said, adding that the aim is not simply more mining.
Prime Minister Pashinyan calls for new geological exploration
Prime Minister Nikol Pashinyan, who attended with Grigoryan and other officials, said mineral resources belong to the people and state of Armenia, while mining companies act as operators. He said public perception of the sector improves as citizens see it as their own. He also pointed to the economic opportunities of mining and the growing need for new geological exploration.
Hayk Aloyan, Founder, Chairman and CEO of Lydian Armenia, said the sector's future must rest on competitiveness, innovation, environmental responsibility and sustainable development.
Wood Mackenzie survey and COP17 shape the agenda
Wood Mackenzie presented a survey on the investment attractiveness of Armenia's mining sector. The forum also partnered with Resourcing Tomorrow on a keynote panel on investment trends. Biodiversity management ran through the sustainability discussions, as Armenia hosts the COP17 summit on biodiversity.
The forum was organized by the Mining Forum Development Foundation and the Mining and Metallurgy Association of Armenia. ZCMC and Lydian Armenia were strategic sponsors, and Ameriabank and Teghut CJSC were main sponsors. Over three years, the event has brought together more than 500 participants and over 40 international speakers from more than 20 countries.