Friday, July 19 2013

 On the invitation of Geoteam CJSC, several international banks and investment organizations have visited the Amulsar deposit in Armenia to familiarize themselves with the project and make a decision on investments. During his visit to the deposit, Terence S. Ortslan, representative of TSO & Associates (Canada) told journalists that the company has already invested in the Amulsar project and would continue involving new investors to increase the investments to 12 mln USD, or 5% of the project cost (250 mln USD for the construction period).   

The representatives of BNP Paribas, in turn, said that the Bank would consider possible lending to the project.  They think that before investing in the project, one should thoroughly study the project and in case of positive results the Bank will be ready to cooperate. BNP Paribas' loans for such projects range from 10 mln USD to 50 mln USD. 

The implementation of the Amulsar project will allow creating over 500 new jobs and will replenish the Armenian budget due to the taxes and royalty, Managing Director of Geoteam CJSC, Dr. Hayk Aloyan said. He added that Geoteam is going to invest 400 thsd USD in social programs in 2013. Over the past few years nearly 500 thsd USD was invested in social projects to contribute to socio-economic development of the communities adjacent to the deposit.    
The company has already implemented a number of social projects. In particular, a library, computer and chess rooms, as well as a conference hall have been built in Gorayk village. A gas pipeline has been laid in Saravan village, the situation with irrigation and garbage disposal has been improved. In addition, the kindergarten in Gndevaz village has been renovated.    

The company's social programs have covered the healthcare field as well. Nearly 765 residents of the specified villages can undergo proper medical examination on the spot as well as in Yerevan. Geoteam stimulates development of sports. Each village has a football team and the children have an opportunity to spend their holidays in summer camps.     

Geoteam has also helped the villagers to develop agriculture. Due to the advanced technologies of beans and potatoes cultivation, the crops have considerably grown.  

The company points out that the migration in the villages has dropped due to the company's participation in the communities' lives, creation of jobs and improvement of the social conditions. Geoteam CJSC has placed 15 people in job. 

To note, Geoteam CJSC is an Armenian mineral exploration company, 100% owned subsidiary of Lydian International Limited. Geoteam's flagship project is the Amulsar gold deposit which is a new gold discovery located along a high ridge top between the Vayots Dzor and Syunik provinces.  In 2009 the EBRD became a shareholder of Lydian International and on March 21 2012 the EBRD increased its share in the capital to 6.80%. The IFC owns 10.23% of the shares. -n-