John Sununu’s Wealth Soars Amid Azerbaijan Conflict and Mining Gains

Sununu’s Stock Portfolio Benefits Amid Azerbaijan Conflict

The 2020 Azerbaijan-Armenia conflict, marked by severe human rights violations, has coincidentally aligned with gains in former Sen. John Sununu’s stock portfolio. Sununu, who is campaigning for a U.S. Senate seat in New Hampshire, reportedly holds considerable stock investments in a mining company profiting from the region’s instability.

After leaving office in 2009, Sununu transitioned into roles as a corporate lobbyist and adviser, amassing a notable net worth that could be as high as $36.3 million. Among his investments, Sununu owns between $1 million and $5 million worth of Anglo Asian Mining (AAM) shares. AAM, a company publicly traded in London, operates gold, copper, and silver mines in Azerbaijan.

Sununu’s family maintains significant involvement in AAM, with his father, former Governor John H. Sununu, and brother Michael on its board of directors. In a strategic move in September 2024, John H. Sununu transferred over 900,000 AAM shares to Sununu Holdings LLC, the family’s investment firm.

The conflict in 2020 saw Azerbaijan launch an invasion into Nagorno-Karabakh, a territory with ethnic Armenian control but located within Azerbaijan’s borders. The offensive involved comprehensive military tactics, including ground troops and missile strikes.

International bodies, including the United Nations, have voiced concerns over Azerbaijan’s actions, citing “indiscriminate attacks” on civilians. Amnesty International accused both parties of potential war crimes. A Columbia University report corroborated these claims, presenting evidence of severe abuses by Azerbaijani forces.

In 2023, a renewed offensive by Azerbaijan led to over 100,000 ethnic Armenians fleeing Nagorno-Karabakh. Human rights organizations, along with International Criminal Court officials, have labeled these actions as ethnic cleansing, with some asserting the events meet the criteria for genocide.

The turmoil has fortuitously allowed AAM to expand its operations into the contested region, significantly boosting the company’s profitability. AAM’s stock has surged by 395% over the past three years.

The Armenian National Committee UK has criticized AAM for “exploiting an unstable region to maximize profits for its investors” during the conflict.

Allegations have surfaced in lawsuits against AAM, claiming that John H. Sununu played a role in advocating for Azerbaijan’s failed 2016 raid on Nagorno-Karabakh to facilitate mining expansion.

Sununu’s financial gains from conflict are not unprecedented. Earlier reports indicated a rise in his oil and gas investments linked to wars in Venezuela and Iran, with Sununu backing sustained U.S. involvement in Iran.

In the upcoming primary on September 8, Sununu will compete against former Massachusetts Sen. Scott Brown. The victorious candidate is expected to challenge Democratic Rep. Chris Pappas in the general election.