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Armenia is stepping up efforts to attract more international mining investment, seeking to capitalize on growing global demand for minerals while addressing longstanding local challenges around regulation, geological exploration and public trust.
The country’s mining ambitions were on display at the third annual Mining Armenia Forum, held on Oct. 16–17, 2026, which brought together nearly 400 international mining executives, investors, industry experts and senior government officials.
Prime Minister Nikol Pashinyan, Deputy Prime Minister Mher Grigoryan, the Minister of Territorial Administration (the Government body responsible for mining) and other senior officials were in attendance showing the importance Armenia attaches to the future of its mining industry.
“Our goal is not simply to have more mining. Our goal is to develop a qualitatively new mining industry,” Grigoryan told the forum.
Armenia has a long mining history and established copper and molybdenum production, but its ability to capitalize on growing demand for minerals will depend on more than its resource potential. Investors are also looking for reliable geological information, consistent regulations, and stronger public support for mining.
Investment obstacles
Despite its mineral potential and established mining expertise, Armenia faces obstacles familiar to many emerging mining jurisdictions, as it competes with numerous countries for international investments amid a growing global demand for critical minerals.
A mining investment perception survey presented by Wood Mackenzie identified the country’s experienced workforce and geological potential as strengths, while highlighting limited geological data and regulatory uncertainty as barriers to investment.
“The opportunity is there, but attracting new investment will require better geological data, greater regulatory clarity, and a more predictable investment environment,” said Wael Jaber, Vice President of Mining & Metals Consulting at Wood Mackenzie.
The Amulsar gold mine, one of the country’s largest foreign mining investments, started production a week before the forum. The project had been stalled for years amid environmental protests and political uncertainty, but its new phase may signal a shift towards a more predictable and investment-friendly environment.
“In the near future, we must review our portfolio, together with our international partners, to identify what additional opportunities exist,” Pashinyan told the forum.
The prime minister added that the country clearly has further untapped mineral potential that could support future development.
Industry expansion
Former Anglo American (LON: AAL) chief executive Mark Cutifani, who delivered a keynote address
, said that Armenia could build on its existing mining capabilities to develop a much broader industry serving emerging global materials needs.
“As the world shifts technology focus around sources of energy and other new technologies, Armenia’s natural copper and molybdenum endowments become a significant source of new value to and for the country,” Cutifani said.
Vardan Jhanian, president of the Mining and Metallurgy Association of Armenia, said that mining exports could reach approximately $3 billion in 2027, supported by Almusar’s development and higher copper and molybdenum prices.
Cutifani suggested that Armenia could move beyond conventional mining towards developing a broader “materials solutions industry,” drawing on its existing expertise and mineral resources and expanding that to other areas.
Sustainability takes the stage
With the forum taking place ahead of COP17, sustainability took centre stage in discussions about mining and its impact on the environment, and how Armenia can help build a more evolved industry in that sphere.
Discussions focused on biodiversity management, nature-related financial disclosures, environmental monitoring, community engagement and the application of international mining standards.
“We need a developed and growing mining industry, but it must also meet the expectations of the majority of our population by minimizing its impact on nature and surrounding communities,” Jhanian said.
Closer integration with international sustainability frameworks could help Armenian miners demonstrate lasting economic and social value while reducing its impact on nature and surrounding communities.
For Prime Minister Pashinyan, public trust is at the centre of this discussion, as he said that mineral resources belong to the people and the state, while mining companies operate them on society’s behalf.
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