What the Filings Show
Confirmed -- e-register.am Filings
Armenia requires companies to declare their beneficial owners -- the real people who ultimately control or profit from a legal entity. These declarations are filed with the state corporate registry at e-register.am. They are not secret. They are not classified. They are official filings available to any citizen who requests them.
OWL obtained 32 beneficial ownership PDFs covering Armenia's mining sector. We OCR-processed every document and cross-referenced the names, birth dates, nationalities, and ownership percentages against public records, sanctions lists, and PEP databases.
The results are unambiguous.
Russian citizens are the declared beneficial owners of Armenia's two largest mining operations -- GeoProMining Gold (the country's largest gold mine) and ZCMC (the country's largest copper-molybdenum mine). This is not investigative speculation. It is what Armenia's own corporate registry says.
GeoProMining Gold LLC -- Russia's Gold Mine in Armenia
Confirmed -- Company 1266780, Reg. 223.110.02424
GeoProMining Gold LLC operates the Sotk gold mine and the Ararat gold recovery plant -- together comprising Armenia's largest gold mining operation. The beneficial ownership filing lists four individuals. All four are Russian citizens.
| Beneficial Owner | Nationality | Date of Birth | Ownership % | Notes |
|---|---|---|---|---|
| Roman Trotsenko | Russian | 12/09/1970 | 48.19% | Sanctioned by US, EU, UK, CA, CH, BE, UA, UN |
| Oleg Belyaev | Russian | -- | Declared | -- |
| Andrey Kishkinski | Russian | -- | Declared | -- |
| Andrey Siniakov | Russian | -- | Declared | -- |
Roman Trotsenko -- sanctioned by eight jurisdictions for his ties to the Kremlin and Rosneft president Igor Sechin -- is officially declared as the 48.19% beneficial owner of Armenia's largest gold mine. The same filing shows he also holds a stake in Agarak Copper Molybdenum Combine (Company 1269083), giving him direct ownership across both gold and copper mining in Armenia.
Four Russians. Zero Armenians. One hundred percent foreign control of Armenia's primary gold extraction operation. This is what the official filing says.
For the full story of how Trotsenko's shell network operates -- including the seven-day share transfer to AEON VP Svetlana Yershova before sanctions hit -- see our previous investigation: The Trotsenko Family: Sanctions Evasion.
ZCMC -- A Former Russian Ambassador Owns Armenia's Copper
Confirmed -- Company 1272761
ZCMC -- the Zangezur Copper-Molybdenum Combine -- is Armenia's single most valuable industrial asset. It produces copper and molybdenum concentrate worth hundreds of millions of dollars annually and employs approximately 4,600 people in Syunik Province.
The beneficial ownership filing lists seven individuals. The composition is extraordinary.
| Beneficial Owner | Nationality | Date of Birth | PEP Status | Background |
|---|---|---|---|---|
| Mikhail Zurabov | Russian | 03/10/1953 | -- | Former Russian Ambassador to Ukraine (2009--2016). Former Russian Minister of Health and Social Development. |
| Thomas Peter Heil | German | -- | -- | -- |
| Karen Hakobyan | Armenian | -- | PEP DECLARED | Politically exposed person |
| Vahe Hakobyan | Armenian | -- | PEP DECLARED | Politically exposed person |
| Narek Ambaryan | Armenian | -- | PEP DECLARED | Politically exposed person |
| Parag Johannes Bhatt | German | -- | -- | -- |
| Moritz Jonathon Hieronymus Hill | German | -- | -- | -- |
Mikhail Zurabov -- who served as Russia's Ambassador to Ukraine from 2009 to 2016, including during the illegal annexation of Crimea in 2014 -- is listed as a beneficial owner of Armenia's most strategic copper mine. He previously served as Russia's Minister of Health and Social Development. A senior Russian government official, directly involved in the diplomatic apparatus around the invasion of Ukraine, owns a piece of the mine that anchors Armenia's southern economy.
Three Armenian nationals -- Karen Hakobyan, Vahe Hakobyan, and Narek Ambaryan -- have filed PEP (Politically Exposed Person) declarations for their ZCMC ownership. PEP status means these individuals hold or recently held prominent public functions. They co-own Armenia's most strategic mine alongside a former Russian Ambassador and multiple foreign nationals. The Armenian government has never publicly disclosed which public offices these PEPs hold or held.
The ZCMC ownership structure connects this investigation directly to OWL's previous reporting. For the full financial anatomy of how ZCMC's profits were suppressed, the company was transferred to Trotsenko's network, and $307 million was extracted in a single dividend -- see: How Pashinyan Gave Armenia's Largest Mine to a Sanctioned Russian and ZCMC: 13-Year Financial Autopsy.
Chaarat Kapan -- Another Russian Controls Southern Armenia
Confirmed -- Company 1272537
Chaarat Kapan CJSC operates mining assets in Kapan, also in Syunik Province -- the same strategically sensitive border region as ZCMC. The beneficial ownership filing is direct.
| Beneficial Owner | Nationality | Ownership % |
|---|---|---|
| Sergei Zhukov | Russian | 35.15% |
A Russian citizen holds the single largest declared ownership stake in a mine operating in Armenia's border province -- the same province where Azerbaijan has repeatedly made territorial claims and conducted military operations.
Multi Group Concern -- The Tsarukyan PEP Filing
Confirmed -- Company 1267169, Reg. 42.110.014
Multi Group is the corporate vehicle of Gagik Tsarukyan -- one of Armenia's wealthiest individuals, leader of the Prosperous Armenia political party, and a figure whose assets have been the subject of major legal proceedings.
| Beneficial Owner | Date of Birth | Ownership % | PEP Status | Notes |
|---|---|---|---|---|
| Gagik Tsarukyan | 25/11/1956 | 34.17% | PEP DECLARED | Opposition party leader; subject of AMD 86.48B confiscation case |
| Samvel Tsarukyan | 07/03/1965 | Declared | -- | Works at "Snak Tsarukyan SPC" in Arinj, Kotayk |
Gagik Tsarukyan's PEP declaration for Multi Group connects directly to the AMD 86.48 billion (approximately $224 million) confiscation case documented in the Prosecutor General's 2023 annual report. The prosecutor's office sought to confiscate assets of this declared value from Tsarukyan on grounds of illicit enrichment. His own beneficial ownership filing confirms the PEP status that triggered the enhanced scrutiny. The confiscation case and the ownership filing are two pieces of the same puzzle.
Teghout CJSC -- The Offshore Web
Confirmed -- Company 1272552
Teghout CJSC operates the Teghout copper-molybdenum mine in Lori Province. The beneficial ownership filing reveals a layered offshore structure.
| Beneficial Owner | Connected Entities |
|---|---|
| Norik Petrosyan | Nairi Infrastructure Capital, Capital Private Equity, Teghout Investments Limited, Vestrok Development |
A single individual connects to four separate corporate entities -- spanning "infrastructure capital," "private equity," "investments limited," and "development" -- all pointing back to one copper mine. This is a textbook layered ownership structure designed to obscure the chain of control.
Other Mining Operations
Confirmed -- e-register.am Filings
The remaining filings in the 32-document set cover smaller operations. Each adds to the overall picture.
| Company | Registry # | Beneficial Owner | Ownership % | Notes |
|---|---|---|---|---|
| Paramount Gold Mining | 1267456 | Artyom Petrosyan | 25.7% | Gold mining |
| GEGHI GOLD | 1267410 | Surik Khachatryan | Declared | Gold mining |
| Akhtala MEC | 1266888 | Vahe Hakobyan | 100% | Mining and enrichment |
| Lydian Armenia | 1316202 | -- | -- | European Bank involvement noted |
Note that a Vahe Hakobyan appears both as a PEP-declared beneficial owner of ZCMC and as the 100% owner of Akhtala MEC. Whether this is the same individual requires further verification, but the name overlap across two mining companies is notable.
The Full Picture: Who Controls Armenian Mining
Pattern Analysis
Pulling all 32 filings together, the ownership map of Armenian mining looks like this:
| Mine / Company | Resource | Controlling Nationality | Key Owner | Red Flags |
|---|---|---|---|---|
| GeoProMining Gold | Gold | Russian | Roman Trotsenko (48.19%) | Sanctioned by 8 jurisdictions |
| Agarak Copper-Molybdenum | Copper | Russian | Roman Trotsenko (stake) | Same sanctioned owner as GeoProMining |
| ZCMC | Copper, Molybdenum | Russian / German / Armenian PEPs | Mikhail Zurabov + 6 others | Former Russian Ambassador; 3 PEPs |
| Chaarat Kapan | Mining (Syunik) | Russian | Sergei Zhukov (35.15%) | Border province mine |
| Teghout | Copper, Molybdenum | Offshore structure | Norik Petrosyan | 4-entity layered ownership |
| Multi Group | Diversified (mining interests) | Armenian | Gagik Tsarukyan (34.17%) | PEP; AMD 86.48B confiscation case |
| Paramount Gold Mining | Gold | Armenian | Artyom Petrosyan (25.7%) | -- |
| Akhtala MEC | Mining | Armenian | Vahe Hakobyan (100%) | Name overlap with ZCMC PEP |
Of Armenia's four largest mining operations by revenue -- GeoProMining Gold, ZCMC, Agarak, and Chaarat Kapan -- all four have Russian beneficial owners declared in official filings. This is not a pattern that requires interpretation. It is the documented reality of who owns Armenia's mineral wealth.
Why This Matters
Armenia is a country of approximately 2.8 million people. Its mining sector generates a disproportionate share of national revenue, export earnings, and regional employment -- particularly in the border provinces of Syunik and Lori.
When the beneficial owners of these mines are Russian citizens -- including sanctioned oligarchs and former senior government officials -- several things follow:
1. Revenue extraction. Profits from Armenian soil flow to Russian beneficial owners. In the case of ZCMC alone, this meant approximately $307 million in a single dividend payment in December 2024.
2. Strategic leverage. Russia controls the economic foundation of Armenia's border provinces. When ZCMC employs 4,600 people in Syunik -- the province Azerbaijan claims -- the beneficial owner of that mine has leverage over an entire region's stability.
3. Sanctions exposure. Armenian companies with Russian beneficial owners may face secondary sanctions risk. Financial institutions processing payments to or from these entities must conduct enhanced due diligence -- or risk their own compliance standing.
4. PEP co-ownership. Armenian officials who are politically exposed persons co-own mines alongside sanctioned-country nationals. This creates a conflict of interest that no Armenian regulatory body has publicly addressed.
How to Verify
Public Records
Every finding in this investigation can be verified by any citizen or journalist. The data source is Armenia's official corporate registry.
1. Visit e-register.am -- Armenia's state corporate registry.
2. Search by company name or registration number (listed in each section above).
3. Request the beneficial ownership declaration (iravakan shaharagir / beneficial owner disclosure).
4. The filing will list: full name, date of birth, nationality, ownership percentage, and PEP status of each beneficial owner.
5. Cross-reference names against sanctions lists: OFAC (US), EU Consolidated List, UK Sanctions List, opensanctions.org.
The company registry numbers for the entities covered in this investigation:
| Company | Registry Number | Registration Code |
|---|---|---|
| GeoProMining Gold LLC | 1266780 | 223.110.02424 |
| Agarak Copper Molybdenum Combine | 1269083 | -- |
| ZCMC | 1272761 | -- |
| Multi Group Concern | 1267169 | 42.110.014 |
| Teghout CJSC | 1272552 | -- |
| Chaarat Kapan CJSC | 1272537 | -- |
| Paramount Gold Mining | 1267456 | -- |
| GEGHI GOLD | 1267410 | -- |
| Akhtala MEC | 1266888 | -- |
| Lydian Armenia | 1316202 | -- |
Methodology
This investigation is based exclusively on official beneficial ownership declarations filed with Armenia's corporate registry (e-register.am). OWL obtained 32 PDF filings covering mining sector companies, processed them through OCR, and cross-referenced extracted data against public sanctions registries, PEP databases, and open-source biographical records. No systems were accessed, penetrated, or tested. All data is from public filings available to any Armenian citizen upon request.
Related OWL Investigations
This article is part of OWL's ongoing coverage of Armenian mining ownership and Russian economic influence:
- How Pashinyan Gave Armenia's Largest Mine to a Sanctioned Russian -- Full financial analysis of ZCMC's $307M dividend extraction
- ZCMC: 13-Year Financial Autopsy -- Year-by-year breakdown from KPMG/EY audited financials
- The Trotsenko Family: Sanctions Evasion -- How shares were transferred to AEON VP seven days before sanctions