Mining market in Armenia

Armenia has a well-established mining industry that plays an important role in the national economy and export base. The sector is centred on copper, molybdenum and gold production and accounts for a significant share of GDP and total exports. Ongoing government reforms aimed at improving the investment climate, along with interest in expanding modern exploration and production, are creating potential opportunities for foreign mining suppliers and investors.

Mining investment decisions in Armenia can be influenced by geopolitical factors, as well as domestic sensitivities around environmental protection and community impacts. Canadian firms may have comparative advantages due to Canada’s reputation for responsible mining practices and environmental standards.

• Mining accounts for approximately 4 to 6% of Armenia’s GDP
• The sector represents approximately 28% of the country’s total exports
• Armenia’s mining sector employs an estimated 11,000 people
• Copper, molybdenum, and gold are the country’s leading mining exports
• Production at the Amulsar gold mine is expected to begin in 2026
• Industry estimates suggest Armenia’s annual mining exports could exceed CAD 3 billion within five years

Canada’s mining expertise, technology and environmental, social, and governance (ESG) leadership are well aligned with Armenia’s priorities. Opportunities include:

• improving environmental performance
• modernizing exploration and operations
• diversifying away from legacy Russian-linked supply chains

Armenia holds known deposits of critical and strategic minerals, and is interested in expanding modern exploration beyond Soviet-era survey data. There is demand for:

• high-resolution geophysics and modern geological surveys
• digital mapping and geological information systems
• AI-enabled modelling and resource estimation to unlock underexplored areas

• Project management and technical consulting
• Feasibility studies and project due diligence
• Resource and reserve analysis
• Health, safety and environmental services
• Environmental monitoring tools (water, tailings, dust/noise)
• Water and waste treatment solutions
• Mine closure planning and site rehabilitation services
• Training and education partnerships (engineering, geology, ESG compliance)
• Mining equipment and technology upgrades (automation, safety systems, productivity tools)

• Licensing delays and inconsistent regulatory processes
• Limited technical capacity and resourcing within oversight bodies
• Community opposition driven by environmental concerns and low public trust
• Environmental compliance gaps (tailings, water monitoring, mine closure)
• Continued influence of Russian-linked ownership, financing and machinery supply chains
• Geopolitical sensitivities around border regions and transboundary environmental claims
• Increasing trend toward government stake-taking in large asset transactions

• Major mining projects can require high-level political approval (Cabinet/Prime Minister), so relationship management and strategic context are important
• The main government counterparts include:
  • the Ministry of Territorial Administration and Infrastructure (sector lead)
  • the Geological Committee (data/exploration)
  • the Ministry of Environment (ecological oversight)
• Partnering with credible local operators, maintaining strong ESG practices, and engaging communities early are critical to project continuity and reputation
• Armenia is pursuing reforms under a Mining Sector Development Strategy extending to 2035, including digitalization of licensing/monitoring and improvements to geological data systems

To learn more about the mining industry in Armenia and opportunities for Canadian companies, contact the Trade Commissioner Service at the Embassy of Canada in Armenia (armenia-armenie.commerce@international.gc.ca).