Thursday, April 13 2017 13:55

ArmInfo. Within the biggest industrial acquisition pf Amulsar gold mines, Lydian Armenia attracted 28 international specialists of mining industry, who observe the process of construction works, implementing best international experience. The Executive Director Of Lydian Armenia Hayk Aloyan stated this on April 12, within the framework of work visit to Vayots Dzor region.   

"Currently, international specialists, who are, predominantly, representatives of Canadian mining companies, cooperate with us.  Canada is famous with its reach experience in this sector", he said.

According to the Head of Company, currently, the company has already invested more then $ 70 million on implementation of construction works and purchasing facilities, in 2018, an investment of $ 300 million is expected. In particular, Aloyan noted that on the current phase, works on road construction are implemented, ground and soil works, wires are replaced, water pipes transportations and etc. At the same time, the Head of Lydian Armenia informed that during the construction of the mine, the company will use technologies previously not used in Armenia, which are safer from the ecologic point of view. 

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.  The process of gold recovery will start in two years. According to the feasibility study of the project total gold reserves of the deposit are 2.5 million ounces, recoverable gold-2.1 million ounces, mine life is 10.4 years, gold production averaging over 200,000 ounces per year (10 mln tons of ore). In average cost for production of 1 ounce will total $585, gold recovery rate-87%. Amulsar is the second largest gold deposit in Armenia. 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. 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. In August 2016, the start of a project involving the construction and development of the field was launched.  Preliminary work has been carried out since 2006. The operation life of the Amulsar will be 10 years and 4 months, annually it is planned to produce an average of 200 thousand ounces of gold (about 10 million tons of ore). Within the framework of the Amulsar program, 1,300 jobs will be created in the construction process (construction works will last about 2 years) and 650- 700 jobs throughout the entire operation of the field. The shareholders of the company are also international institutional investors IFC and EBRD. The company's shares are quoted on the Toronto Stock Exchange. The Amulsar deposit is the second largest in Armenia.