Wednesday, May 31 2017 17:15

ArmInfo.The developing of Amulsar  golden deposit is one of the largest investment projects in Armenia. This was stated by  Hayk Aloyan, the General Executive  of  Lydian Armenia to  Suren Karayan, the Minister of Economic Development and Investments of Armenia. 

Presenting  general investment and technical  features of the project  to the Minister, Aloyan accentuated that the deposit survey and  studies investments formed USD 90 mln, and the total volume of  investments prior to the operation of the deposit will form about USD  370 mln.  Within the implementation  of construction works 570  employees have been already involved, with those 1300 planned to be  involved for whole the process of construction. In the future, when  the deposit will be put under operation, about 700 laborers will be  involved as well. Hayk Aloyan mentioned that the first golden bar  will be obtained from deposit in the Spring of 2018. "We undertook a  responsibility to implement a perfect project, which is under   monitoring of international investors. The investment image of the  country depends on the success of Lydian," Aloyan said. 

In his  turn, Suren Karayan stated the willingness of Armenian  Government to provide support to international investors, which will  be of a great use not only for the country's economy, but will bring  also the best international practices and economy of Armenia,  increasing the GDP for 2%. 

To note, Lydian Armenia is subsidiary of British Lydian    International, the shareholders of which are institutional investors    from the USA, Great Britain, a number of European countries,    including IFC and EBRD. In August 2016, the start of a project   involving the construction and development of the field was launched.   Preliminary work has been carried out since 2006. The operation life   of the Amulsar will be 10 years and 4 months, annually it is planned   to produce an average of 200 thousand ounces of gold (about 10  million tons of ore). Within the framework of the Amulsar program,   1,300 jobs will be created in the construction process (construction   works will last about 2 years) and 650- 700 jobs throughout the   entire operation of the field. The shareholders of the company are   also international institutional investors IFC and EBRD. The   company's shares are quoted on the Toronto Stock Exchange. The   Amulsar deposit is the second largest in Armenia.