Tuesday, July 24 2018 11:03

ArmInfo. Lydian Armenia CJSC regarding the official notification of the Investigative Committee of Armenia on the initiation of a criminal case in connection with the  intentional concealment of information on environmental pollution,  declares that it has no connection with this fact.

The company expresses its extreme indignation and bewilderment related to the  speculation by some media of the company's name in connection with  the case being investigated by the Committee. "This is an obvious  distortion of information by some media," the company's press service  reported.

"We declare that Lydian Armenia has no connection with the criminal  case initiated in the Investigative Committee and intends, according  to the procedure established by law, to be consistent with those who  speculate the name of the company and are trying to negatively affect   its business image," the source noted.  Lydian Armenia considers  that there is a deliberate publicity campaign against the company,  since Lydian Armenia has never concealed any information from state  bodies, and the company's management team has always complied with  all environmental requirements established by law. "We demand from  those media that have presented the statement by the Investigative  Committee as a criminal case filed against the company to refute this  information, as the Investigative Committee has not instituted a  criminal case against Lydian Armenia. At the same time, we expect  that the investigative authorities will no longer inappropriately   mention the name of the largest investor in Armenia on the basis of  assumptions of individuals, given that such misleading messages  negatively affect the rating of the company and the country in the  international investment market'', the source reads.

To recall, Lydian Armenia is a subsidiary of the British Lydian   International, whose shareholders are also large international   institutional  investors from the United States, Great Britain and a   number of  European countries, including IFC and EBRD. The Amulsar   project is  the largest industrial project in Armenia for the   development of the  Amulsar gold deposit at a total cost of $ 370   million. In August  2016, a project for the construction and   development of the field was launched. Preliminary work has been   carried out since 2006.  The life  of the Amulsar deposit will be 10   years and 4 months, an annual  average of 200,000 ounces of gold   (about 10 million tons of ore) is  planned. The company's shares are   quoted on the Toronto Stock  Exchange.  Amulsar deposit is the second  largest in Armenia.