Amulsar gold project may secure from $150 million to $250 million worth exports a year, economy minister
15.10.2014,
17:03
The Amulsar gold project may secure from $150 million to $250 million worth exports a year, economy minister Karen Chshmarityan said today.
YEREVAN, October 15th. / ARKA /. The Amulsar gold project may secure from $150 million to $250 million worth exports a year, economy minister Karen Chshmarityan said today.
The Amulsar gold deposit is the second largest in Armenia by size of recoverable gold. It is located in the south-east of the country, 13 km off the resort town of Jermuk, between the rivers Arpa and Vorotan. The deposit contains about 31 million tons of ore and 40 tons of recoverable gold.
The minister said according to preliminary estimates the initial capital cost of the project is $350-$400 million.
The minister said also that the development of the deposit will begin next year. The owner of the deposit- the British Lydian International Limited - has committed to resolve all environmental issues and apply such technologies that would not damage the environment.
The gold deposit was discovered by Geoteam company, the Armenian subsidiary of Lydian International in 2006 in Vayots Dzor region in southeastern Armenia.
Lydian is an emerging gold developer, focused on its 100% owned Amulsar Gold Project. 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.-0--
