Two US companies to invest $500 million in Armenia in next few years
02.02.2017,
12:25
Two American companies will invest $500 million in the next few years, U.S. Ambassador to Armenia Richard M. Mills said on Wednesday.
YEREVAN, February 2. /ARKA/. Two American companies will invest $500 million in the next few years, U.S. Ambassador to Armenia Richard M. Mills said on Wednesday.
He said that significant progress had been reached over the past year in strengthening direct business ties between Armenia and the United States.
In 2016, he said, Contour Global completed all the procedures of the acquisition of Vorotan Cascade Hydro Power Plant’s assets and this is the largest private investment in Armenia’s entire history and the first investment in the country’s energy system.
In his words, the company intends to invest more than $70 million in the next few years and to create some 150 jobs.
In August 2015, Contour Global sealed the deal with the Armenian government acquiring Vorotan Cascade Hydro Power Plant CJSC’s assets worth $180 million.
Lydian International, another US company, embarked on construction of Amulsar gold mine infrastructures.
Mills said that in 2018 Amulsar will become the biggest investment in shareholder capital, and $370 million will be invested in the construction in 2016-2018.
As many as 1,300 jobs will be created here over the mentioned period and 700 other people will be involved in the gold field development in the next ten years.
The US diplomat said that in a first for Armenia and mining operations here, Amulsar’s environmental and social impact assessment has been fully compliant with standards set by the World Bank and the European Bank for Reconstruction and Development.
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 Syunik. The deposit contains 31 million tons of ore and 40 tons of pure gold. --0---
He said that significant progress had been reached over the past year in strengthening direct business ties between Armenia and the United States.
In 2016, he said, Contour Global completed all the procedures of the acquisition of Vorotan Cascade Hydro Power Plant’s assets and this is the largest private investment in Armenia’s entire history and the first investment in the country’s energy system.
In his words, the company intends to invest more than $70 million in the next few years and to create some 150 jobs.
In August 2015, Contour Global sealed the deal with the Armenian government acquiring Vorotan Cascade Hydro Power Plant CJSC’s assets worth $180 million.
Lydian International, another US company, embarked on construction of Amulsar gold mine infrastructures.
Mills said that in 2018 Amulsar will become the biggest investment in shareholder capital, and $370 million will be invested in the construction in 2016-2018.
As many as 1,300 jobs will be created here over the mentioned period and 700 other people will be involved in the gold field development in the next ten years.
The US diplomat said that in a first for Armenia and mining operations here, Amulsar’s environmental and social impact assessment has been fully compliant with standards set by the World Bank and the European Bank for Reconstruction and Development.
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 Syunik. The deposit contains 31 million tons of ore and 40 tons of pure gold. --0---
