Investment program of Amulsar gold deposit to add 2% to Armenia’s annual GDP growth
01.06.2017,
10:46
The investment program of Amulsar gold deposit will have a significant impact on Armenia’s economy – it will add two percent to Armenia's annual GDP growth, Suren Karayan, Armenian economic development and investments minister, said Wednesday as visited the gold deposit.
YEREVAN, June 1. /ARKA/. The investment program of Amulsar gold deposit will have a significant impact on Armenia’s economy – it will add two percent to Armenia's annual GDP growth, Suren Karayan, Armenian economic development and investments minister, said Wednesday as visited the gold deposit.
He is quoted by the ministry’s press office as saying that the government is ready to support international investments.
Karayan said that the investments should not only produce an economic effect, but should also apply international experience in Armenia tightening requirements to the mining industry and introducing a new corporate responsibility culture here.
The minister also stressed the importance of the programs Lydian Armenia is implementing to spur small and mid-scale businesses in communities.
It was arranged during discussions with Hayk Aloyan, head of Lydian Armenia, to visit the gold deposit again in two months.
The US-based Lydian International Company embarked on construction of Amulsar gold mine in 2016 and is planning to receive the first gold bullion in March 2018.
Howard Stevenson, CEO of Lydian International, says the company is going to invest $370 million in the project and create 700 permanent jobs and 1,300 joint jobs for 10 years.
The project implies the annual export amounting to $259 million and annual investments totaling $370 million.
Lydian Armenia, an 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 gold field is the second biggest pure gold deposit in Armenia. It contains 31 million tons of gold ore and 40 tons of pure gold.
The gold deposit sits in the south-eastern part of the country, near Jermuk resort. --0---
He is quoted by the ministry’s press office as saying that the government is ready to support international investments.
Karayan said that the investments should not only produce an economic effect, but should also apply international experience in Armenia tightening requirements to the mining industry and introducing a new corporate responsibility culture here.
The minister also stressed the importance of the programs Lydian Armenia is implementing to spur small and mid-scale businesses in communities.
It was arranged during discussions with Hayk Aloyan, head of Lydian Armenia, to visit the gold deposit again in two months.
The US-based Lydian International Company embarked on construction of Amulsar gold mine in 2016 and is planning to receive the first gold bullion in March 2018.
Howard Stevenson, CEO of Lydian International, says the company is going to invest $370 million in the project and create 700 permanent jobs and 1,300 joint jobs for 10 years.
The project implies the annual export amounting to $259 million and annual investments totaling $370 million.
Lydian Armenia, an 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 gold field is the second biggest pure gold deposit in Armenia. It contains 31 million tons of gold ore and 40 tons of pure gold.
The gold deposit sits in the south-eastern part of the country, near Jermuk resort. --0---
