British Lydian International to invest $460 to $480 million in Armenia’s Amulsar gold field
03.12.2015,
16:44
Lydian International, a British company, will invest $460 to $480 million in Armenia’s Amulsar gold field, Armenian Economy Minister Karen Chshmarityan said Thursday at a briefing ahead of a regular Cabinet meeting.
YEREVAN, December 3. /ARKA/. Lydian International, a British company, will invest $460 to $480 million in Armenia’s Amulsar gold field, Armenian Economy Minister Karen Chshmarityan said Thursday at a briefing ahead of a regular Cabinet meeting.
Amulsar, 13 kilometers from Jermur resort, is the second biggest gold field in Armenia. Thefield contains some 31 million tons of ore and 40 tons of fine gold.
The minister said that Lydian International had signed contracts with financial and investment groups for implementation of the Amulsar gold-mining program. Investment of $325 million is among the company’s contractual obligations.
Chshmarityan said the International Finance Corporation and the European Bank for Reconstruction and Development will take part in the project. Thanks to their participation, the investment amount will reach $460 to 480 million.
He said that construction will be carried out on the field in the next two years, and after that it will become possible to excavate 12 to 14 tons of gold.
In his words, the investment program will be launched in spring 2016, and some 1,500 workers will be needed for implementing it.
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.
“Negotiations have taken much time, and I think the company will make an appropriate statement very soon,” Chshmarityan said.
Prime Minister Hovik Abrahamyan, on his side, said that the country’s all governing institutions should support the implementation of the program.
“This is a very important program that will spur economic activity in the country in 2016 and 2017,” he said.
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---
Amulsar, 13 kilometers from Jermur resort, is the second biggest gold field in Armenia. Thefield contains some 31 million tons of ore and 40 tons of fine gold.
The minister said that Lydian International had signed contracts with financial and investment groups for implementation of the Amulsar gold-mining program. Investment of $325 million is among the company’s contractual obligations.
Chshmarityan said the International Finance Corporation and the European Bank for Reconstruction and Development will take part in the project. Thanks to their participation, the investment amount will reach $460 to 480 million.
He said that construction will be carried out on the field in the next two years, and after that it will become possible to excavate 12 to 14 tons of gold.
In his words, the investment program will be launched in spring 2016, and some 1,500 workers will be needed for implementing it.
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.
“Negotiations have taken much time, and I think the company will make an appropriate statement very soon,” Chshmarityan said.
Prime Minister Hovik Abrahamyan, on his side, said that the country’s all governing institutions should support the implementation of the program.
“This is a very important program that will spur economic activity in the country in 2016 and 2017,” he said.
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---
