Monday, December 12 2016 16:04
Naira Badalian

Lydian Armenia Executive Director: Amulsar gold deposit  development Project  is insured in conformance to all the international criteria of insurance

Lydian Armenia Executive Director: Amulsar gold deposit  development Project  is insured in conformance to all the international criteria of insurance

ArmInfo. The Amulsar gold deposit development project has a complete insurance conforming to al the international criteria, Hayk Aloyan, the Executive Director of Lydian Armenia ( former Geoteam) stated during the  ceremony of signing the Memorandum on mutual understanding in respect to establishing the National park of Djermuk on December 12.

According to Aloyan, any company implementing any socially-responsible projects, regardless the sector, in accordance to international standards should secure all the risks and guarantee the  reimbursement of any losses and damages caused  to any other parties. "And  it means that in a case of availability of corresponding evidences stating the damage caused to any third party within the performance of the Company, the Company is obliged to reimburse it," Lydian Armenia representative stated.

According to the Company's head statement, Lydian Armenia, performing the responsible management in the mining sector, has concluded a corresponding Agreement with the Company of Jardine Lloyd Tomson (JLD). The insurance assumes the reimbursement coverage in the case of causing damage or in any other insurance risks in respect to any third party. Any possible risks are estimated in respect to the Company's activity and the insurance coverage forms several dozens of million dollars.  To note, the Company of Lydian International, founded in Great  Britain, is the sole shareholder of L:ydian Armenia, possessing the Amulsar golden deposit license.

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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