Monday, December 12 2016 16:05
Naira Badalian

Lydian Armenia invests $5.7 mln in establishment of  "Jermuk National Park"

Lydian Armenia invests $5.7 mln in establishment of  "Jermuk National Park"

ArmInfo. Armenia's Ministry of Nature Protection and Lydian Armenia company have signed a Memorandum of Cooperation related to establishment of "Jermuk National Park" on December 12 in Yerevan. The memorandum is signed for 5 years and envisages investments amounting to $5.7 mln aimed at maintaining integrity of local ecosystems, developing eco- tourism and environmental agriculture.

According to Managing Director of Lydian Armenia Hayk Aloyan since the first day if its operation in Armenia the company has adopted a policy of becoming an exemplary company in mining field. "By this regular step we have raised the bar for demands to our operation during implementation of Amulsar gold deposit development project. We hope that this project will become a successful model, to which our partners will also follow", Aloyan stated.

Progressive world experience demonstrates that it is possible to carry out mining of natural resources by using efficient and modern methods of management, Aloyan noted. In this context according to the Head of the company Lydian Armenia and the company's shareholders demand that the implementation of Amulsar project is fully in line with the best international practices. "We want to prove in practice rather than in word that basing on state-private sector cooperation it is possible to achieve the best results in environmental risks management and ensuring sustainability of biodiversity.  The implementation of the initiative on establishing Jermuk national park offers prospects of due fulfillment of demands of nature protection legislation for the favor of Armenia's nature and maintenance of local ecosystems integrity.  Lydian Armenia considers that Jermuk National Park created by the efforts of famous world specialists and local scientists may become an exemplary program for ensuring sustainability of biodiversity not only in the region but also in global mining industry.

Meanwhile, establishment of Jermuk National Park is important not only in the context of ensuring maintenance of ecosystems but also for developing tourism and agriculture. During the recent years the company has assisted development of small and medium enterprises in communities neighboring Amulsar deposit. As a result of implementation of this program more assistance will be provided to development of Jermuk as a tourism center, according to Aloyan. "I hope that the new program will become successful economically too and in 5 years the national park will become economically profitable and fully co- financed project", Hayk Aloyan stated.

According to the expert on management of biodiversity at Treweek Environmental Consultants (TEC) and coordinator of Jermuk National Park project Ramaz Gokhelashvili the authors of the project are "pioneers" as working in mining industry he sees such a project for the first time implemented in this format. The expert is convinced that the successful results of the program of developing the region by implementation of social economic programs on local level will be exemplary for the generations to come.

Minister of Nature Protection of Armenia Artsvik Minasyan for his part stated that a qualitatively new environment is being created in the Armenian reality in the context of formulating responsible attitude to the mining field. The Minister explained that the Memorandum does not limit the implementation of the company's business projects and the efforts of the Ministry in carrying out its state-supervisory functions.  The Minister also noted that one of the key principles of the program is that it is based on ensuring maximum involvement of all the sides- the Ministry, company, communities and public structures. Our main goal is to reach highest possible economic results by improving environment. In this light establishing responsible mining industry plays a huge role, and Lydian Armenia once again demonstrates this", Minasyan stated.

To note, Lydian International, founded in Great Britain in 2005, is the sole shareholder of L:ydian Armenia, having a license foe the Amulsar gold deposit development, which is the second largest deposit in Armenia.  The Amulsar gold program is as of today the biggest industrial project of gold development in Armenia, the total cost of which is $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, among the shareholders of which are IFC and EBRD. The stocks of the company are traded on Toronto Stock Exchange.

POST A COMMENT
Input digits     


News
Air cargo transportation between Turkey and Armenia will start by the  end of 2022, media reports sayAir cargo transportation between Turkey and Armenia will start by the  end of 2022, media reports say
Minister: AMD 273 billion to be allocated from Armenia`s state budget  to pay interest rates in 2023Minister: AMD 273 billion to be allocated from Armenia`s state budget  to pay interest rates in 2023
Armenian-Iranian trade needs boosting - official Armenian-Iranian trade needs boosting - official 
Ardshinbank has extended the campaign for issuing a digital card for 1 dramArdshinbank has extended the campaign for issuing a digital card for 1 dram
Growth of Armenia`s economic activity to 14.5% in 10 months was  accompanied by increase in exports and importsGrowth of Armenia`s economic activity to 14.5% in 10 months was  accompanied by increase in exports and imports
Unprecedented offer from FLYONE ARMENIA: Beirut, Dubai, Tel Aviv for  only 89 eurosUnprecedented offer from FLYONE ARMENIA: Beirut, Dubai, Tel Aviv for  only 89 euros
Over a half of Armenia`s population live in  communities actively  involved in  CoM East projectOver a half of Armenia`s population live in  communities actively  involved in  CoM East project
Armenia`s transport infrastructure yet unprepared for new geoeconomic  configuration - Vahe Davtyan Armenia`s transport infrastructure yet unprepared for new geoeconomic  configuration - Vahe Davtyan 
AMD 4․653․223 to AMD 4․653․223 to "Aren Mehrabyan" foundation: beneficiary of "The Power of One Dram" for December is the Health Fund for Children of Armenia
Forecast: Without social support, poverty rate in Armenia could rise  to 49%Forecast: Without social support, poverty rate in Armenia could rise  to 49%
PSRC starts process of revising electricity tariffsPSRC starts process of revising electricity tariffs
Poverty rate in Armenia in 2021 increased by 0.1% compared to 2019Poverty rate in Armenia in 2021 increased by 0.1% compared to 2019
Armenia`s government to support IT sector Armenia`s government to support IT sector 
Ardshinbank holds a campaign 10000 AMD for every 300th client making a money transferArdshinbank holds a campaign 10000 AMD for every 300th client making a money transfer
Armenia`s share in UNECE programmes 22%Armenia`s share in UNECE programmes 22%
EU to issue 33mln EUR grant to Armenia EU to issue 33mln EUR grant to Armenia 
Nikol Pashinyan: Introduction of  universal income declaration system  will have significant anti-corruption effectNikol Pashinyan: Introduction of  universal income declaration system  will have significant anti-corruption effect
On December 1, Ameriabank to start initial placement of next tranche  of USD bonds in amount of $10 millionOn December 1, Ameriabank to start initial placement of next tranche  of USD bonds in amount of $10 million
Models of cooperation between public and private sectors are being  developed in ArmeniaModels of cooperation between public and private sectors are being  developed in Armenia
Evocabank launches new contactless cashless payment tool- mPOS for  business entitiesEvocabank launches new contactless cashless payment tool- mPOS for  business entities
Joint Initative of HSBC Bank in Armenia and Jinishian Memorial Foundation (JMF) promotes innovative and sustainable agriculture among the small holder farmers.Joint Initative of HSBC Bank in Armenia and Jinishian Memorial Foundation (JMF) promotes innovative and sustainable agriculture among the small holder farmers.
Civil Contract nominates Armen Nurbekyan for post of CBA Deputy  Chairman Civil Contract nominates Armen Nurbekyan for post of CBA Deputy  Chairman 
Economy Ministry to provide Economy Ministry to provide "oxygen" for IT companies working with  international market 
Party: Draft state budget of Artsakh for 2023 does not reflect  internal and external realities Party: Draft state budget of Artsakh for 2023 does not reflect  internal and external realities
Mher Grigoryan noted key importance of programs implemented jointly  with EBRD Mher Grigoryan noted key importance of programs implemented jointly  with EBRD 
Vahan Kerobyan: Our goal is to bring the volume of investments to 25%  of GDPVahan Kerobyan: Our goal is to bring the volume of investments to 25%  of GDP
Ameria PhonePOS.  New application for receiving non-cash payments with a smartphoneAmeria PhonePOS.  New application for receiving non-cash payments with a smartphone
EDB developed concept for establishing platform on which  multicurrency digital transactions may be carried out - Tigran  SargsyanEDB developed concept for establishing platform on which  multicurrency digital transactions may be carried out - Tigran  Sargsyan
EDB announces 2nd contest of digital technologiesEDB announces 2nd contest of digital technologies
Economy Ministry to support IT companies affected by dram  appreciationEconomy Ministry to support IT companies affected by dram  appreciation
Expert: There are a lot of random people in the tourism sector of  Armenia todayExpert: There are a lot of random people in the tourism sector of  Armenia today
Incomplete fulfillment of capital expenditures indicates a lack of  professionalism - EconomistIncomplete fulfillment of capital expenditures indicates a lack of  professionalism - Economist
EDB forecasts 4.2% GDP growth in Armenia in 2023 and gradual  devaluation of AMDEDB forecasts 4.2% GDP growth in Armenia in 2023 and gradual  devaluation of AMD
Sporadic construction of solar power plants could undermine Armenia`s  food security - expertSporadic construction of solar power plants could undermine Armenia`s  food security - expert
ADB to help Armenia develop wind energyADB to help Armenia develop wind energy
US considers granting Armenia market economy statusUS considers granting Armenia market economy status
Another dollar tranche of bonds from IDBankAnother dollar tranche of bonds from IDBank
Tourists arriving in Armenia faced difficulties due to cashless  payment requirements - MPTourists arriving in Armenia faced difficulties due to cashless  payment requirements - MP
Armenia`s tax authorities on peculiarities of taxation when renting  apartmentArmenia`s tax authorities on peculiarities of taxation when renting  apartment
AraratBank acts as an underwriter of National Mortgage Company RCO bonds   AraratBank acts as an underwriter of National Mortgage Company RCO bonds  
Converse Bank customer wins Visa campaignConverse Bank customer wins Visa campaign
Armenia`s economy recovered quickly after `September shock` - Vahan  KerobyanArmenia`s economy recovered quickly after `September shock` - Vahan  Kerobyan
AraratBank launches Google Pay for its card usersAraratBank launches Google Pay for its card users
Goods imported to Armenia to be liable to excise taxGoods imported to Armenia to be liable to excise tax
Armenia`s national debt in terms of figures not essential - Armenia`s  premier Armenia`s national debt in terms of figures not essential - Armenia`s  premier 
French Development Agency to open permanent office in YerevanFrench Development Agency to open permanent office in Yerevan
Proposed reform to introduce system of mandatory universal income  declaration system for all resident citizens in Armenia cannot ensure  achievement of the declared goals: Tigran JrbashyanProposed reform to introduce system of mandatory universal income  declaration system for all resident citizens in Armenia cannot ensure  achievement of the declared goals: Tigran Jrbashyan
IDBank  “MalatiaIDBank  “Malatia" branch now more comfortable and modern
Largest mining company in Armenia presents its first ESG reportLargest mining company in Armenia presents its first ESG report
It is already possible to make payments with IDBank cards via Apple PayIt is already possible to make payments with IDBank cards via Apple Pay
 Converse Bank announces the launch of the  new coupon bonds placement Converse Bank announces the launch of the  new coupon bonds placement
Vine and Wine Foundation of Armenia: Volumes of wine production in  Armenia almost doubled over 5 yearsVine and Wine Foundation of Armenia: Volumes of wine production in  Armenia almost doubled over 5 years
Armenia`s minister of territorial administration hosts  Ukrainian-Armenian businessmenArmenia`s minister of territorial administration hosts  Ukrainian-Armenian businessmen
Iranian Minister of Energy announces launch of project for  synchronization of electricity between   Iran, Azerbaijan, Armenia and RussiaIranian Minister of Energy announces launch of project for  synchronization of electricity between  Iran, Azerbaijan, Armenia and Russia
Armenia`s economy most likely to not reach its historical high by the  end of 2022: Haykaz FanyanArmenia`s economy most likely to not reach its historical high by the  end of 2022: Haykaz Fanyan
Yerevan, Tehran continue to expand economic relationsYerevan, Tehran continue to expand economic relations
Success of the family business based in Tavush: from a home to a guest house and a small winerySuccess of the family business based in Tavush: from a home to a guest house and a small winery
Armenia becomes popular destination for BelarusiansArmenia becomes popular destination for Belarusians
Satlantis CEO: Armenia did not buy an expensive Mercedes, but rather   established a plant that will produce itSatlantis CEO: Armenia did not buy an expensive Mercedes, but rather   established a plant that will produce it
Robert Khachatryan: Satellite Control Center in Armenia to be ready  by the end of the yearRobert Khachatryan: Satellite Control Center in Armenia to be ready  by the end of the year
Read more


Exchange rates
08.12.2022
RUB6.320.03
USD395.15-0.57
EUR415.38-0.05
GBP481.02-0.69
CAD289.420.30
JPY28.870.08
CNY56.770.22
CHF419.79-0.38