CRONIMET started its activities in Armenia in mid-1990s. By 1998, it had formed a joint venture with ‘Plant of Pure Iron’, which produces molybdenum and ferromolybdenum.
In 2004, CRONIMET started negotiating the acquisition of Zangezur Copper Molybdenum Combine (ZCMC) shares and, in early 2005, the final transaction to buy 60% of shares was implemented. ZCMC is the largest producer of molybdenum and copper in the South Caucasus region. ZCMC is one of the largest employers in Armenia having more than 3,200 employees and the largest taxpayer of the country.
CRONIMET is tied to Armenia not only through business. Following successful economic co-operation in 2006, Günter Pilarsky, founder of CRONIMET, was named the Honorary Consul of the Republic of Armenia in Baden-Württemberg for his major contribution to economic co-operation between two countries. As such, the dynamic growth of CRONIMET’s activities in Armenia is constantly recorded.