Thursday, August 31 2017 20:52
Alina Hovhannisyan

US Ambassador: Lydian Armenia is ready to work openly and transparently according to traditions of American business

US Ambassador: Lydian Armenia is ready to work openly and  transparently according to traditions of American business

ArmInfo. The company Lydian  Armenia, which started the program on exploitation of Amulsar gold  deposit, is ready to work openly and transparently according to the  traditions of American business. The US Ambassador Extraordinary and  Plenipotentiary to Armenia Richard Mills expressed such an opinion on  August 31 on the margins of the event timed to the presentation of  Lydian International's first annual report on sustainable  development.

"I am impressed with today's presentation, in which the company  introduced us as fulfilling its obligations to the environment, its  employees, and the communities adjacent to the field. And it's good  to see that British and American business cultures are being  introduced in their work," the Ambassador said.

An important fact, according to Mr. Mills, is that the company, along  with conducting open activities, is also ready to represent the risks  that are usually encountered in the extractive industry.

He noted that after visiting Lydian Armenia in order to get  acquainted with the activities of the company, and visiting the  communities that are affected by the work carried out at the field,  he was impressed.

Lydian Armenia is a subsidiary of the British Lydian International,  whose shareholders are also major international institutional  investors from the United States, Britain and several European  countries, including IFC and EBRD. The Amulsar project is the largest  industrial project in Armenia today for the development of the  Amulsar gold deposit with a total value of $ 370 million. In August  2016, a project for the construction and development of the field was  launched. Preliminary work has been carried out since 2006. The  operation life of the Amulsar field 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). The company's shares are  quoted on the Toronto Stock Exchange. The Amulsar deposit is the  second largest in Armenia.

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