Monday, March 6 2017 17:50
Alexandr Avanesov

Armenian delegation will participate in largest meeting of production enterprises of mining industry

Armenian delegation will participate in largest meeting of production enterprises of mining industry

ArmInfo. The Armenian delegation headed by the deputy minister of energy infrastructures and Natural Resources of Armenia Vardan Gevorgyan, will participate in the annual meeting of the largest enterprises of the mining industry's production (PDAC), which will be held in the Canadian city of Toronto on March 5-8. It is reported by the press service of the department.

According to the source, on the Toronto Stock Exchange most of the largest companies in the world mining industry production are registered, and where gatherings are held annually with the participation of the supervisory bodies and the order of 25 thousand representatives of private companies from 125 countries around the world. As part of a meeting the representatives of the countries present the latest achievements in the field of mining industry production issues relating to natural resource management, control and legislative regulation. In addition, the meeting will discuss methods for more efficient and secure management of deposits and manage environmental risk. The Forum is the largest in the mining industry production, it discusses the problems of global significance, their current solutions and development priorities.

The forum will be attended by representatives of Armenia's mining industry production. Already for the 12th time Armenia will be represented by the program of "Lydian International", owning Amulsar mine.  The company is listed on the Toronto Stock Exchange as a company, applying innovative technologies, and is the author of the largest investment project in Armenia.

Earlier, the chairman and executive director of "Lydian International" Howard Stevenson during his meeting with Minister of Economic Development and Investments of Armenia Suren Karajan reported that the company will receive the first bar of gold from Amulsar mine in March 2018. According to Stevenson, the construction work in Jermuk is gaining new strength. The program will be implemented over 18 months. "We are ready to invest $ 370 million and create 700 permanent jobs for ten years and 1300 joint.  The program envisages to reach an annual volume of gold exports worth $ 259 million", said Stevenson. He also expressed hope that the program will contribute to the implementation of government programs and goals. Amulsar project is the largest to date in Armenia's industrial project. The second largest reserves of pure gold deposit in Armenia, contains about 31 million tons of ore and 40 tons of pure gold.. It is located in the south-east of the country, 13 km from the town of Jermuk, between the rivers Arpa and Vorotan.

In August 2016, the official ceremony of start of the project, which involves the start of construction and development of the field.  Preparations were made before 2006. Amulsar mine operation terms 10 years and 4 months, it is planned to produce annually an average of 200 thousand. ounces of gold (about10 mln. tons of ore). Amulsar program will create 1,300 jobs during construction (construction works will last about 2 years) and 650-700 jobs throughout the life of the program. Shareholders are also international IFC and EBRD institutional investors. The company's shares are listed on the Toronto Stock Exchange.


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