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Modern, established Mining Law (2003) and Mining Code (2011)
Transparent exploration permitting process
Exploration Licences granted for an initial three year term with three, two-year extensions permitted
EITI member since 2017
The metals and mining sector plays an important role in Armenia’s economy
- Contributed 6.8% of GDP in 2022 and
- 30% of 2018 to 2022 export revenue from copper, molybdenum and gold
Top 10 molybdenum producer, accounting for 4% of global molybdenum supply in 2021
12 major operating mines, with production primarily centred around copper, molybdenum and gold
New western-owned major gold mine in construction
Good infrastructure and relatively low operating costs

Armenia is underlain by the TMB — the world’s longest and one of the major metal producing belts
The TMB in Armenia hosts several major precious and critical metal mines and deposits, including:
- the >4 Moz Sotk gold mine, in production for almost 50 years
- the Amulsar gold deposit, with first gold pour scheduled for late 2024 (overall resource base of 4.8 Moz of gold and 25.1 Moz of silver)
The TMB in Armenia is prospective for epithermal gold and porphyry copper-gold deposits
The TMB in Armenia is vastly underexplored and ripe for discovery