The Government of Armenia decided to set an export customs duty on copper and molybdenum concentrates and some adjacent products, as a result of which the state budget will get additional AMD 30-35 billion ($60-70 million) in 2021 if export volumes are maintained, Acting Minister of Economy Vahan Kerobyan said.
“Given that the entrails of Armenia are state-owned and the prices of copper and molybdenum have increased in international markets by over 50% against the average prices of the previous year, the current royalties collection system doesn’t ensure the fair distribution of these profits between the citizens of Armenia and the miners, as well as the fact that currently our country is facing serious challenges which are possible to resist with additional resources, the Armenian Government decided to impose an export customs duty on copper and molybdenum concentrates and some adjacent products, as a result of which the state budget will get additional AMD 30-35 billion ($60-70 million) in 2021 in case of preservation of export volumes,” Kerobyan said.
