It is important that foreign investors act in accordance with local legislation, U.S. ambassador says
15.05.2019,
16:55
It is important that foreign investors act in accordance with local legislation, US Ambassador to Armenia Lynn Tracy said in an interview with journalists on Wednesday when asked to comment on the situation around the Amulsar gold deposit in the southern Armenian province of Vayots Dzor.
YEREVAN, May 15. /ARKA/. It is important that foreign investors act in accordance with local legislation, US Ambassador to Armenia Lynn Tracy said in an interview with journalists on Wednesday when asked to comment on the situation around the Amulsar gold deposit in the southern Armenian province of Vayots Dzor.
All roads leading to Amulsar deposit have been blocked since last summer by dozens of local residents and environmentalist protesting against gold mining operations there claiming they are fraught with serious risks to the environment. Lydian dismissed these concerns, saying that it will use modern and safe technology.
Last April Armenia’s Administrative Court ruled in favor of the company instructing the Police to remove trespassers and their property from the company’s Amulsar project site and assure Lydian Armenia free passage to the deposit.
According to the ambassador, it’s very important to work with the government to create a favorable, predictable and transparent environment for businesses and investment. She said Lydian is one of the international investors and it’s important that they act in accordance with local legislation.
Tracy noted that an environmental study to determine whether the mine’s development poses threats or not is still in process and its outcome is very important.
In February, 2019 the Armenian government decided to allocate USD 396,900 from its reserve fund to Earth Link & Advanced Resources Development (ELARD) for carrying out a comprehensive expert examination of the Amulsar project.
In early April Minister of Economic Development and Investments Tigran Khachatryan said ELARD would submit its report in a couple of months.
Lydian is a gold developer focused on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. However, illegal blockades have prevented access to Amulsar since late June 2018. Amulsar is expected to be a large-scale, low-cost operation with production targeted to average approximately 225,000 ounces annually over an initial 10-year mine life.
Estimated mineral resources contain 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces as outlined in the Q1 2017 Technical Report. Existing mineral resources beyond current reserves and open extensions provide opportunities to improve average annual production and extend the mine life. Lydian is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility. -0-
All roads leading to Amulsar deposit have been blocked since last summer by dozens of local residents and environmentalist protesting against gold mining operations there claiming they are fraught with serious risks to the environment. Lydian dismissed these concerns, saying that it will use modern and safe technology.
Last April Armenia’s Administrative Court ruled in favor of the company instructing the Police to remove trespassers and their property from the company’s Amulsar project site and assure Lydian Armenia free passage to the deposit.
According to the ambassador, it’s very important to work with the government to create a favorable, predictable and transparent environment for businesses and investment. She said Lydian is one of the international investors and it’s important that they act in accordance with local legislation.
Tracy noted that an environmental study to determine whether the mine’s development poses threats or not is still in process and its outcome is very important.
In February, 2019 the Armenian government decided to allocate USD 396,900 from its reserve fund to Earth Link & Advanced Resources Development (ELARD) for carrying out a comprehensive expert examination of the Amulsar project.
In early April Minister of Economic Development and Investments Tigran Khachatryan said ELARD would submit its report in a couple of months.
Lydian is a gold developer focused on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. However, illegal blockades have prevented access to Amulsar since late June 2018. Amulsar is expected to be a large-scale, low-cost operation with production targeted to average approximately 225,000 ounces annually over an initial 10-year mine life.
Estimated mineral resources contain 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces as outlined in the Q1 2017 Technical Report. Existing mineral resources beyond current reserves and open extensions provide opportunities to improve average annual production and extend the mine life. Lydian is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility. -0-
