Lydian Armenia involved 450 persons for Amulsar  pit construction

ArmInfo. Within the Amulsar gold mine acquisition framework Lydian Armenia Company  secured jobs for about 450 persons, 230 of which are the neighboring communities residents, and the main part are the habitants of Gndevaz community.  This was stated by Hayk ALoyan, the Executive Director of Lydian Armenia, during his working trip to Vayotz Dzor district.               

He added also that within the framework of Amulsar project another 1300 jobs will be created during the construction process and additional 700 - for the whole period of the pit operation.

According to the Executive Director,  the Company pays a special importance  to the working safety, implementing all the appropriate international standards. "We do our  best in respect to securing the safety rules during whole the construction process,  which is aimed at zero level of accidents. That is why the safety is one of our priorities, and we have involved appropriate  experts for that," Aloyan accentuated. 

To  mention, 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.