Friday, July 7 2017 18:48
Alexandr Avanesov

Investment of Lydian Armenia in Amulsar deposit and Contour Global in Vorotan cascade of HPPs is the largest investments in the Armenian economy

Investment of Lydian Armenia in Amulsar deposit and Contour Global in Vorotan cascade of HPPs is the largest investments in the Armenian economy

ArmInfo. The investments of the Lydian Armenia Company in the Amulsar deposit and the Contour Global Company in the Vorotan cascade of HPPs are the largest investments in the Armenian economy. The US Ambassador Extraordinary and Plenipotentiary to Armenia Richard Mills stated this.

The success of these investments, the diplomat continued, laid the foundation for ensuring equal conditions on the entrepreneurial field and the formation of a favorable investment environment. "I am pleased to testify that not only economic opportunities are formed in Armenia by these investments, but a new culture of corporate social responsibility," the diplomat said.

To note, on July 5-6 the members of the Council of the American Chamber of Armenia (AMCHAM) visited the construction site of the Amulsar deposit and the Vorotan Cascade of hydroelectric power stations. The Lydian company is engaged in the implementation of the first project, and the American company Global Contour is modernizing the Vorotan Cascade of HPPs.

Executive Director of Lydian Armenia, AMCHAM Council member Hayk Aloyan, expressing gratitude to the US ambassador for organizing the visit of the AMCHAM Council members, noted that the Lydian Company has committed to implement the project of development of the Amulsar deposit in accordance with international standards. It is, first of all, about the highest criteria in the environmental sphere and social management.

To recall, Lydian Armenia is a subsidiary of the British Lydian International, whose shareholders are large international institutional investors from the United States, Great Britain, a number of European countries, including IFC and EBRD. The Amulsar project is the largest industrial project in Armenia for the development of the Amulsar gold deposit with a total value of $ 370 million. 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 life of the Amulsar deposit will be 10 years and 4 months, an annual average of 200,000 ounces of gold (about 10 million tons of ore) will be produced. 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 company's shares are quoted on the Toronto Stock Exchange. Amulsar deposit is the second largest in Armenia.

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