Monday, March 5 2018 18:39
Naira Badalian

Armenia is represented at the 86th exhibition and conference of the Association of Miners and Eater of Canada in Toronto

Armenia is represented at the 86th exhibition and conference of the Association of Miners and Eater of Canada in Toronto

ArmInfo. Headed by the Deputy Minister of Energy Infrastructures and Natural Resources of the Republic of Armenia Vardan Gevorgyan, the Armenian delegation participates in the 86th exhibition and conference of the Association of Miners and Explorers Canada (PDAC) in Toronto.

According to the press service of the Ministry of Energy Infrastructures and Natural Resources of the Republic of Armenia, the event is held from 4 to 7 March. On the Toronto Stock Exchange, a significant proportion of the world's leading companies are engaged in the mining of mining deposits. About 25 thousand representatives from 125 countries take part in the annual forum. The event provides an opportunity for world companies to get acquainted with novelties and scientific developments in the field of subsoil use, discuss prospects of the industry development and possible challenges. The Forum is also a good platform for revealing current trends and investment opportunities in the development of the subsoil use sector, in which governments also represent the potential of their countries.

Vardan Gevorgyan also took part in the work of one of the round tables held within the framework of the conference of government representatives. Representatives of the governments of Serbia and Bulgaria also shared their experience at this round table. The deputy minister presented the legislative reforms implemented in Armenia over the past few years. In this context, in particular, the importance of digitalization of the Geological Fund was emphasized, an excursion about the membership of the republic in the Transparency Initiative was made.

Armenian companies take part in the work of the forum. So, the development program for the Amulsar deposit is represented by the Lydian International company, registered on the Toronto Stock Exchange, which is implementing the country's largest investment project.

Lydian Armenia is a subsidiary of the British Lydian International, whose shareholders are large international institutional investors from the United States, Britain, several European countries, including IFC and EBRD. The Amulsar project is the largest industrial project in Armenia for the development of the Amulsar gold deposit at a total cost of $ 370 million. In August 2016, a project was launched that assumes the construction and development of the field. 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 is planned (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.  Amulsar deposit is the second largest in Armenia.

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