AmCham: We consider it of utmost importance to ensure that premature  statements do not send controversial messages to the market

ArmInfo. The American Chamber of Commerces in Armenia (AmCham) made a statement in which it welcomed the Government's announced commitment to promote responsible practices and international standards in the mining sector in  Armenia. 

In its statement AmCham believes that responsible mining, based on  ICMM, IFC, EBRD and other internationally recognized standards and  frameworks, can be a viable part of the Armenian economy. "As stated  before, we believe that AmCham members like Lydian Armenia, which  counts EBRD among its shareholders, already comply with these  standards. Moreover, AmCham welcomes the protection of biodiversity  and expects all member companies to comply with the law". 

While AmCham welcomes professional and impartial audits in the mining  sector, the developments of the last few months have raised some  concerns. While the head of the State Inspection of Environment and  Mining claimed new ecological factors and publicly called to halt the  project, the Minister of Environmental Protection refuted those  findings. We consider it of utmost importance to ensure that such  premature statements that are not based on sound scientific data do  not send controversial messages to the market.

AmCham also regrets that the roads to Amulsar remain blocked for more  than three months and Lydian Armenia is deprived of its legal right  to operate. While concerns around the industry are understandable,  AmCham expects that these concerns be addressed through legal means  and in a fair and professional manner. We also expect to see  standards be applied equally and fairly to all players in the  industry.  As a business organization, AmCham looks forward to seeing  a viable, responsible and sustainable mining sector in Armenia. In  this regard a level playing field and the transparent, predictable  and non-discriminatory application of the law are vital.

The American Chamber of Commerce in Armenia is the leading business  association in the country with around 120 members from all business  segments. AmCham has been operating in Armenia continuously since  2000. Through advocacy efforts aimed at such areas as tax legislation  and customs administration, AmCham represents its members' business  interests in Armenia to the Armenian government, international  organizations, and to the wider business community. 

To recall, Lydian Armenia is a subsidiary of the British Lydian  International, whose shareholders are also large international  institutional investors.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 for 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) is planned. The  company's shares are quoted on the Toronto Stock Exchange.  Amulsar  deposit is the second largest in Armenia.