Tuesday, December 27 2016 14:00

ArmInfo. Armenian Nature Protection Ministry comes out for implementation of complete isnusance of environmental risks for all the mining sector, Artsvik Minasyan, the Head of the Ministry stated at the resulting press conference on December 27.

As the Minister stated, for today the implementation of the complete, system of environmental insurance is one of the main priorities for the Nature Protection Ministry. For instance, the Lydian Armenia possessing the licence for development of  the Amulsar gold mine, has implemented a complete insurance based on own initiative,  because there is no regulatory provision at this stage demanding acompulsory insurance in the sector," Minasyan stated.

According to the Minister every company having a self respect, should follow Lydian Armenia and guarantee the reimbursement of loss. This good example should be spread in the sphere, first of all  on voluntary basis. It is possible also that the environmental insurance will become the critical competitive advantage in the case of equal positions while participating in different tenders in the mining industry of Armenia," he mentioned. According to the Minister, in the future the compulsory environmental will become possible in the framework of Armenia's environmental policy implementation.  It  was informed earlier, that within the Amulsar Golden Mine Development project an environmental insurance system will  be implemented.  According to Hayk Aloyan, the Executive Director of Lydian Armenia (former Geoteam), the insurance assumes a reimbursement to third parties for cases of harm and other insurance risks. According to the Minister, all the possible risks related to the activities of the company have been properly  estimated, and the insurance coverage forms several dozens of million dollars. 

To mention,   the Lydian International  Company founded  in Great Britain in 2005 is the sole shareholder of the Lydian Armenia, possessing the license for Amulsar Mine development, which is the second in Armenia. The Amulsar project is the largest industrial project in Armenia, estimated at USD 370 mln.