Ashot Manukyan: Lydian Armenia introduced a new business culture into Armenian reality

ArmInfo.Minister of Energy  Infrastructures and Natural Resources of Armenia Ashot Manukyan  received on November 9 the Commissioner for Trade and Investment of  the United Kingdom in Armenia, MP Mark Pritchard. Ambassador of the  United Kingdom of Great Britain and Northern Ireland to Armenia  Judith Farnworth also took part in the meeting. The sides discussed  issues of cooperation in the energy and subsoil sectors.

As reported by the press service of the Armenian Ministry of Energy,  Ashot Manukyan expressed confidence that the appointment of Pritchard  to the post of Commissioner for Trade and Investment of the United  Kingdom in Armenia will contribute to strengthening and deepening  bilateral trade and economic ties.

The head of the Armenian Ministry of Energy, at the request of the  guests, presented the priorities of the sphere. He noted that in  order to strengthen the energy security of the country over the next  few years, the task was set to increase the share of renewable energy  sources in the country's energy system to 50%. In this context, as  the minister noted, priority is the maximum use of solar and water  resources of the republic.

Among the priorities of the sphere, Manukyan also singled out the  sphere of subsoil use, where the first steps are being taken to  implement the policy of "responsible" mining industry. According to  the head of the Ministry of Energy, there is a task to attract  investors who show responsible attitude in the sphere. At the same  time, as an example of a "responsible producer", he singled out  Lidian, which, according to the minister, brought a new culture of  doing business to the Armenian reality, as well as progressive  approaches to corporate governance.

Ashot Manukyan presented the guests with reforms in the field of  subsoil use, as well as the expected initiatives. The importance of  cooperation in the field of training was noted.

Mark Pritchard, in turn, noted the interest of the United Kingdom in  cooperation in the areas of trade and investment.

According to the National Statistical Service of Armenia, in  January-August of 2017 the trade turnover between Armenia and the  United Kingdom amounted to $ 23,201.6 million, with an annual growth  of 37.7%. At the same time, exports increased 5-fold to $ 3,429.9  million, and imports by 22.4% to $ 19,771.1 million.

Recall that Lydian Armenia is a subsidiary of the British Lydian  International, whose shareholders are large international  institutional investors from the United States, Britain, several  European countries, including IFC and EBRD. The Amulsar project is  the largest industrial project in Armenia for the development of a  gold deposit at a total cost of $ 370 million. In August 2016, the  project started. Preliminary work has been carried out since 2006.  The life of the Amulsar deposit will be 10 years and 4 months, an  annual average of 200,000 ounces of gold (about 10 million tons of  ore) is planned. Within the framework of the Amulsar program, 1,300  jobs will be created in the construction process (construction works  will last about 2 years) and 650-700 jobs throughout the entire  operation of the field. The company's shares are quoted on the  Toronto Stock Exchange. Amulsar deposit is the second largest in  Armenia.