Press Release
03 Feb 2023  | Yerevan, AM

EY Armenia prepared the fourth National EITI Report published recently

EY Armenia, selected as an Independent Administrator, had the privilege to prepare the first, second and now the fourth EITI reports.

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EY Armenia, selected as an Independent Administrator, had the privilege to prepare the first, second and now the fourth EITI reports. Previously, Armenia has been granted a highest status of a country with satisfactory progress during country’s EITI validation. This achievement was preceded by capacity building activities, sector-related studies, legislative reforms, etc. The EITI National Report is aimed at providing consolidated information about the sector to enable the conduct of comprehensive and rigorous sector research analysis, promote public understanding and informed decision-making.

4th national EITI Report of Armenia for the years 2020 and 2021 and its summary are already available on the EITI Armenia website. The Report presents the overview of performance of the metal mining companies operating in Armenia in 2020 and 2021 with the disclosure of information on the volumes and value of extracted ore, its production, domestic sales and export levels, employment data, payments from the metal mining companies to state and community budgets and revenues received by the government, main amendments to the legislation regulating the sector, subsoil use contracts, and beneficial ownership as well as other useful information corresponding to the requirements of the EITI Standard.

The report was compiled by EY Armenia with the support of the World Bank's Extractives Global Programmatic Support (EGPS) Multi-Donor Trust Fund's "Armenia EITI Support: additional financing" Grant Project implemented by the Office of the Prime Minister of the Republic of Armenia.

Strategy and Transactions team led by a Senior Consultant, Anna Martirosyan, was responsible for the overall management of the project. Highly experienced in industry researches and advisory projects commissioned by large, international donor organizations such as the EU and the World Bank, Anna has curated the work among EY teams, liaised with the national and international counterparties, including the EITI International Secretariat. Her team has worked extensively on the assessment of the socio-economic environmental impact of the mining industry on the economy with the emphasis on the aftermath of COVID-19 and military operations, and the importance of EITI in energy transition. Moreover, based on the extensive analysis, the team has come up with a few recommendations for improving the EITI reporting and accountability process.  

Under the supervision of Edgar Meyroyan, an Assistant Manager at the Law Practice at EY Armenia, with the side legal expertise specializing in varied mining projects involving large mining companies of Armenia, the legal team has performed analyses of legislative amendments pertaining to the metal mining field, the procedures for issuing mining permits, concluding contracts, the disclosure of the beneficial owners(hip), the legal arrangements implemented in the field by the moment of report preparation alongside other mining-related legal matters.

Kamo Karapetyan, Partner, Head of Tax Practice at EY Armenia, and his team have helped summarize the key amendments and supplements to the tax legislation in Armenia. Being well versed in providing professional services to companies in the mining industry, the team shed light on the regulations that affected the calculation of royalties as well as covered the changes in the state duty payments. 

On 22 December 2022, the Fourth National Report (for 2020-2021 years) of the Extractive Industries Transparency Initiative (EITI) of Armenia was presented during the annual conference hosted by Armenia’s EITI National Secretariat attended by members of multi-stakeholder group of EITI from Government representatives, mining companies and civil society representatives, as well as EITI International Secretariat and international partner organizations.

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EY is a global leader in assurance, tax, transaction and consulting services.

EY exists to build a better working world, helping to create long term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

EY was registered in Armenia on 12 July 1999. At present, over 90 professionals in Assurance, Tax & Law, Consulting and Strategy and Transactions departments are employed in the Yerevan office.

Staying committed to building a better working world, EY consulting services help to solve complex industry issues in order to strengthen the value of companies' workforce, as well as employees' roles and careers.