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The Zangezur Copper-Molybdenum Combine (ZCMC) CJSC on Tuesday released a report on its official electronic website, stating that the State Revenue Committee (SRC) of Armenia prevents the company from exporting copper concentrate and ferromolybdenum without any grounds.

According to the report, the company had to unload 140,000 kg of ferromolybdenum, the export of which is suspended indefinitely.

The situation is more complicated with the export of copper concentrate, which is still loaded into 75 railroad cars pending a protracted permit from the customs authorities. Moreover, as the report says, the company has complied with all the requirements of the law and has made all payments, but so far the export of products is not allowed by the State Revenue Committee “arbitrarily”, the company said in a statement.

The ZCMC claims the actions of the customs officers contain elements of a crime, which was reported to the law enforcement agencies.

“It is no secret that the export of mining products makes up a rather large part of the total exports from Armenia and directly influences the inflow of foreign currency into the country, contributing to the stability of the national currency.

“According to the data we received, the share of the plant's exports in the total export volume of Armenia in recent years is around 20 percent, and in terms of the foreign currency flowing into Armenia – nearly 9 percent,” the statement says.