Gold refinery to be built in Armenia
20.02.2017,
11:53
Vahagn Lalayan, chief of the Armenian economic development and investments ministry’s investment policy division, told journalists on Friday that a gold-refining plant is planned to be built in Armenia.
YEREVAN, February 20. /ARKA/. Vahagn Lalayan, chief of the Armenian economic development and investments ministry’s investment policy division, told journalists on Friday that a gold-refining plant is planned to be built in Armenia.
In his words, four to five tons of gold are extracted every year in Armenia, and after the launch of new equipment by Lydian International the annual output is expected to reach 10 to 12 tons already by the end of this year or in the beginning of 2018.
The Armenian subsidiary of Lydian International is engaged in construction of mining facilities in Amulsar gold deposit in Armenia’s Jermuk.
“This allows the country to launch a gold refinery,” Lalayan said. “This will be profitable, since the total cost of the program is $10 to 12 million, and given that the refining cost is 1 percent of the total cost of the gold, these investments will be recovered in a few years.”
Lalayan said that Armenia imports two to four tons of gold every year for its jewelry industry, and the construction of the gold refining plant will cater for the country’s domestic demand and will also enable Armenia to sell its own gold bars at London Exchange when gets an international certificate.
The jewelry free economic zone in Armenia, which is gaining momentum and building up demand now, can have a positive impact on the development of the refining plant as well.
Lydian Armenia is going to invest $370 million in Amulsar gold mine and create 1,300 permanent jobs
and 700 other people will be involved in the gold field development in the next ten years.
Exports are expected to total $259 million every year. The first gold bullion is believed to be got in March 2018.
Lydian International embarked on the construction of Amulsar gold field facilities in 2016. Lydian Armenia, the Armenian subsidiary of Lydian International, was established in 2005. The European Bank for Reconstruction and Development and the International Finance Corporation are among the company’s institutional shareholders.
Amulsar, the second biggest gold deposit in Armenia, sits 170 kilometers south of Armenia's capital Yerevan on the border between the provinces of Vayots Dzor and Sunnik. The deposit contains 31 million tons of ore and 40 tons of pure gold. --0---
In his words, four to five tons of gold are extracted every year in Armenia, and after the launch of new equipment by Lydian International the annual output is expected to reach 10 to 12 tons already by the end of this year or in the beginning of 2018.
The Armenian subsidiary of Lydian International is engaged in construction of mining facilities in Amulsar gold deposit in Armenia’s Jermuk.
“This allows the country to launch a gold refinery,” Lalayan said. “This will be profitable, since the total cost of the program is $10 to 12 million, and given that the refining cost is 1 percent of the total cost of the gold, these investments will be recovered in a few years.”
Lalayan said that Armenia imports two to four tons of gold every year for its jewelry industry, and the construction of the gold refining plant will cater for the country’s domestic demand and will also enable Armenia to sell its own gold bars at London Exchange when gets an international certificate.
The jewelry free economic zone in Armenia, which is gaining momentum and building up demand now, can have a positive impact on the development of the refining plant as well.
Lydian Armenia is going to invest $370 million in Amulsar gold mine and create 1,300 permanent jobs
and 700 other people will be involved in the gold field development in the next ten years.
Exports are expected to total $259 million every year. The first gold bullion is believed to be got in March 2018.
Lydian International embarked on the construction of Amulsar gold field facilities in 2016. Lydian Armenia, the Armenian subsidiary of Lydian International, was established in 2005. The European Bank for Reconstruction and Development and the International Finance Corporation are among the company’s institutional shareholders.
Amulsar, the second biggest gold deposit in Armenia, sits 170 kilometers south of Armenia's capital Yerevan on the border between the provinces of Vayots Dzor and Sunnik. The deposit contains 31 million tons of ore and 40 tons of pure gold. --0---
