With launch of the Amulsar Gold Project in Southern Armenia, Lydian International Limited will be able to change the 'bad reputation' of the mining industry in Armenia, Lydian International Limited President and CEO
Howard Stevenson said in a press briefing in Yerevan on 16 October.
He suggested that the negative attitude to mining in the country is the result of the past legacy with improper observation of environmental standards in the past. Stevenson said that Lydian International is actively cooperating with the Project adjacent communities where people generally support the Company.
"We are able to change the bad reputation of mining activities in the country. The Amulsar Gold Project will bring technologies that are new for Armenia and much safer environmentally," Stevenson said. He
explained that the Company will be applying heap leaching technology, which means zero industrial discharge water, soil or air and no need for tailing dumps.
Howard Stevenson said that he participated in various mining projects in the world and those projects were implemented properly, in order not to create negative attitude among people. International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD), who are the shareholders of Lydian International Limited and potential lenders for the project, are implying high environmental standards for the projects they finance. Lydian International strictly observes these standards.
Geoteam CJSC launched large-scale geological exploration for gold and silver at Amulsar resulting in the discovery of the deposit in 2006. It is the only new gold deposit found in Armenia after the collapse of the Soviet Union.
Lydian International listed on the Toronto Stock Exchange (TSX) on the 10th January 2008. EBRD and IFC are shareholders of the company and hold by 6.9% stake each.