Wednesday, April 3 2024 15:38
Naira Badalian

Amulsar`s development to start in late 2024 or early 2025: Babken  Tunyan

Amulsar`s development to start in late 2024 or early 2025: Babken  Tunyan

ArmInfo. It is expected that the development of the Amulsar mine will begin at the end of this year or the beginning of next year.  Babken Tunyan, vice-chairman of the NA Economic Affairs Committee, said on April 3 during the discussion of the project to establish a state duty for the export of gold, platinum and palladium ingots.

Tunyan believes that after the resumption of mining operations, there  will be no more problems with gold ore.

On February 22, 2023, the Government of the Republic of Armenia,  Lydian Armenia CJSC and the Eurasian Development Bank signed a  memorandum of understanding, which marked the restart of the program  for the development of the Amulsar mine. It was noted that within the  framework of the memorandum, $150 million will be raised, of which  $100 million will be loan funds from the EDB, $50 million will be  provided by a local bank, and an additional $100 million will be  invested outside the agreement by shareholders. After signing the  memorandum, then Minister of Economy of Armenia  Vahan Kerobyan  stated that the development of the Amulsar mine will provide the  state treasury with y-o-y revenues of 30-40 billion drams, and with  the launch of the mine, about 1,000 new jobs will open in the Vayots  Dzor region. "It is estimated that as a result of the development of  the Amulsar mine, Armenia's GDP will increase by 1%. This is a fairly  high figure. We have no right to refuse such opportunities," Kerobyan  emphasized then.

On January 18, 2008, the RA government accepted the donation of 12.5  percent of the shares of the Lydian Armenia company and entrusted the  RA Ministry of Economy with the authority to manage them. The mine is  the second largest in Armenia. According to the company, the mine  contains approximately 73,733 kg of gold with an average grade of  0.78 g per ton, as well as 294,367 tons of silver with an average  grade of 9.29 g per ton. It is located in the southeast of the  country, 13 km from the resort town of Jermuk, between the Arpa and  Vorotan rivers. 

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