Thursday, December 1 2016 20:24
Naira Badalian

Armenia`s Minister of Nature Protection: Environmental insurance system will be introduced within the program of Amulsar deposit development

Armenia`s Minister of Nature Protection: Environmental insurance  system will be introduced within the program of Amulsar deposit  development

ArmInfo. Within the program of  Amulsar deposit development a system of environmental insurance will  be introduced, Minister of Nature Protection Artsvik Minasyan told  journalists on December 1 after the government meeting. 

According to him developers Amulsar deposit guarantee insurance  against any risks and consequences.  Risks related to recovery of  losses caused to third parties-population, legal entities,  communities and state, will be guaranteed", the Minister stated. 

Minasyan noted that the Ministry stands for introduction of insurance  of environmental risks on legislative basis for the whole sector of  mining industry of Armenia. 

To note, as of today the program on Amulsar gold deposit development  is the biggest foreign investment. The capital expenses on  construction work in 2016-2017 will total $370 mln.  In August this  year official ceremony of the project launch was held.  The  preparation work has been held since 2006. The term of operation is  10 years and 4 months, it is planned to get 200 thousand ounces of  gold annually (10 mln tons of ore).  The Amulsar project envisages  creation of 1,300 jobs in the course of construction and 650- 700  jobs throughout the entire operation of the mine.  To note, Lydian  Armenia is subsidiary of British Lydian International, the  shareholders of which are institutional investors from the USA, Great  Britain, a number of European countries, including IFC and EBRD.  Amulsar is the second largest gold deposit in Armenia.


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