Thursday, April 20 2017 14:49
Naira Badalian

CJSC "Lydian Armenia" delayed VAT payment for imported goods for three years

CJSC "Lydian Armenia" delayed VAT payment for imported goods for three years

ArmInfo. The Government of Armenia delayed VAT payment for imported goods for three years for "Lydian Armenia", for the period from 14 April 2017 to 31 December 2018. The project was approved during the April 20 Governmental meeting.

As the Minister of Economic Development and Investments Suren Karayan stated, "Lidian Armenia" CJSC (formerly Geoteam CJSC) conducted geological and prospecting works in Syunik and Vayots Dzor regions, as a result, discovered the Amoulsar gold deposit mine. Within the framework of the investment program, Lydian Armenia plans to build and operate a gold mine in Amulsar. The investments will amount to 179.4 billion AMD. The total cost of imported goods - water purification equipment, power generators, power stations, pumps, water heaters, lamps, chandeliers, etc., will be more than 26 billion 753 million AMD.  Countries of origin of imported products are Poland, Canada, Spain, USA, Italy, Sweden, Ireland, Turkey, France, Vietnam, South Africa, etc.

During the operation of the mine, as the minister noted, approximately 2 million ounces of gold and 3 million ounces of silver will be received, which will be fully exported. As a result of the program, according to the justification, about 465 jobs will be created with an average salary of 525,000 AMD in 2017, 525,000 AMD in 2018 and 490,000 AMD in 2019.

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.


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