British investor approves Amulsar project financing
23.05.2016,
15:15
Armenian Prime Minister Hovik Abrahamyan received last Saturday a delegation led by Howard Stevenson, President and CEO of Lydian International, which is developing the Amulsar project in Armenia, a government press release said.
YEREVAN, May 23, /ARKA/. Armenian Prime Minister Hovik Abrahamyan received last Saturday a delegation led by Howard Stevenson, President and CEO of Lydian International, which is developing the Amulsar project in Armenia, a government press release said.
Stressing the importance of such a large-scale foreign investment project in our country, the Premier said it will help develop the mining industry and propel economic growth in Armenia.
In Hovik Abrahamyan’s words, the mining industry is the focus of his government which, taking into account the fall in international market prices, is trying to support enterprises in this sector of the economy.
Howard Stevenson advised that a package for funding the Amulsar project has already been approved, with the construction expected to start in the coming months. Mr Stevenson noted that the nearly USD 400 million-worth investment indicates their confidence in the State and the Government’s economic policy.
The President of Lydian International thanked Prime Minister Abrahamyan for continued support and cooperation. The meeting discussed issues related to the project and the proposed activities. The need for making continued efforts in the field of environmental management was emphasized on either side.
According to earlier reports, Lydian International, a British company, will invest $460 to $480 million in Armenia’s Amulsar gold field. Amulsar, 13 kilometers off Jermuk resort, is the second biggest gold field in Armenia. The field contains some 31 million tons of ore and 40 tons of fine gold.
About $60 million of the total amount of investment is planned to be spent on construction of a plant for a gold- and silver-processing plant, another $80 million will be spent on technical equipment and 160 million on purchasing new technologic working lines, which will ensure up-to-date industrial process.
The new gold field was found out by Geotim, an Armenian subsidiary of Lydian International, as a result of the exploration carried out in Vayots Dzor province. In late July 2014, Lydian International applied for authorization of development of Amulsar gold field. ---0---
Stressing the importance of such a large-scale foreign investment project in our country, the Premier said it will help develop the mining industry and propel economic growth in Armenia.
In Hovik Abrahamyan’s words, the mining industry is the focus of his government which, taking into account the fall in international market prices, is trying to support enterprises in this sector of the economy.
Howard Stevenson advised that a package for funding the Amulsar project has already been approved, with the construction expected to start in the coming months. Mr Stevenson noted that the nearly USD 400 million-worth investment indicates their confidence in the State and the Government’s economic policy.
The President of Lydian International thanked Prime Minister Abrahamyan for continued support and cooperation. The meeting discussed issues related to the project and the proposed activities. The need for making continued efforts in the field of environmental management was emphasized on either side.
According to earlier reports, Lydian International, a British company, will invest $460 to $480 million in Armenia’s Amulsar gold field. Amulsar, 13 kilometers off Jermuk resort, is the second biggest gold field in Armenia. The field contains some 31 million tons of ore and 40 tons of fine gold.
About $60 million of the total amount of investment is planned to be spent on construction of a plant for a gold- and silver-processing plant, another $80 million will be spent on technical equipment and 160 million on purchasing new technologic working lines, which will ensure up-to-date industrial process.
The new gold field was found out by Geotim, an Armenian subsidiary of Lydian International, as a result of the exploration carried out in Vayots Dzor province. In late July 2014, Lydian International applied for authorization of development of Amulsar gold field. ---0---
