Tuesday, June 27 2023 13:39
Alexandr Avanesov

Amulsar`s first mine to be mined at the end of 2024, Lydian Armenia

Amulsar`s first mine to be mined at the end of 2024, Lydian Armenia

ArmInfo. The first ore from the  Amulsar gold mine will be mined at the end of 2024. Hayk Aloyan, the  Executive Director of the Lydian Armenia company that developes the  mine, said in a conversation with the ArmInfo correspondent.

According to him, it is planned to produce 10 million ore and 210,000  ounces of gold at the mine annually.  The mine is currently  undergoing engineering work that was interrupted five years ago. As  of 2018, the work was completed by 75-80%, but taking into account  the fact that no work has been carried out over the past five years,  there is a need not only for their full completion, but also for  surveys of the entire infrastructure of the mine. "Lydian Armenia"  has attracted an international partner of Allied Gold Corp - United  Gold, as a financial partner, which will invest up to $100 million in  the project.

The Executive Director, referring to the memorandum signed on  February 21 of this year between the RA Government, the Eurasian  Development Bank and the Lydian Armenia company, according to which  the company will transfer 12.5% of the shares to the Republic of  Armenia, noted that this step will be beneficial for both the RA  government and for the company itself.

"The mine development program is not a medium-term project, it is a  long-term project," he noted, recalling the financial participation  in the construction program of the EDB, which will complete the  examination in August this year.

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