Tuesday, November 18 2014

This year Lydian International's investments in Armenia have slowed down, because the company is expecting the final permit for development of the Amulsar gold deposit, Hayk Aloyan, Director General of Geoteam CJSC (subsidiary of Lydian International), said during the discussion held by Armenian Economy Minister Karen Chshmarityan.    

Hayk Aloyan said that the investments in development of the deposit for 2015-2016 will exceed $420 million and that their inflow will considerably grow after the permit is received. He pointed out that the geologic exploration in Amulsar is over the feasibility report is ready. The construction at the deposit and the development will be launched in 2015-2016. Nearly 2,000 employees will be involved in the construction and over 700 people will be placed in regular job. 

The minister pointed out that the business offer itself is quite attractive. At the same time, he stressed the significance of the environmental component. Chshmarityan said that ecology is of more priority and that all the environmental problems should be resolved within the bounds of the law. "There should be no environmental problems. Otherwise, the project will be threatened", he said.   

Aloyan replied that since 2008 the company has been conducting an environmental monitoring and it is committed to the strictest environmental standards. The company is going to apply the heap leaching technology, which envisages no tailing dumps. Moreover, there will be no industrial emissions in the atmosphere or water.         
Lydian is an emerging gold developer, focused on its 100% owned Amulsar Gold Project, located in Southern Armenia. The Company's current mine development and construction plan for Amulsar is aimed at achieving average production of 200,000 ounces of gold per year and establishing the Company as a high cash-flow, mid-tier producer.  The Company is committed to best practices in all aspects of its operations including production, sustainability, and good corporate citizenry. EBRD, IFC and Newmont Mining Corporation are the majority shareholders of Lydian International. Lydian is planning to invest nearly USD 426 million in the Amulsar project.