ArmInfo. 12.5% of the shares of Lydian Armenia CJSC have been transferred to the RA Government. This was reported by the press service of the RA Ministry of Economy.
As the source notes, the signing ceremony of the agreement took place on October 27. On behalf of the RA Government, it was signed by the RA Minister of Economy Gevorg Papoyan, and on behalf of Lydian Armenia CJSC, by the company's director Hayk Aloyan.
The press service emphasized that $500 million has already been invested in the project, and another $250 million is planned to be invested, which will create about 1,000 new jobs.
According to Gevorg Papoyan, the signing of this contract means that all stages on the way to the implementation of the project have been successfully overcome, very detailed work has been carried out, and all risks and concerns have been dispelled.
"This is a mega-project that will create more than a thousand jobs, replenish the state budget in the form of taxes, but most importantly, it will contribute to the development of the local community. We believe in the success of this project," the minister said.
In turn, the director of Lydian Armenia CJSC Hayk Aloyan said that the construction work of the Amulsar mine will begin in the next quarter, and the actual operation of the deposit is planned for the fourth quarter of 2025.
Over the past 2-3 years, the owners of a number of companies have transferred shares in the companies to Armenia. In particular, the government became the owner of 21.875% of the shares or 1/5 of the share in ZMMC, approved a decision to accept as a gift 12.5% of the shares of the Lydian Armenia company, which intends to resume construction of the Amulsar mine. The process of transferring the shares of Lydian Armenia was delayed several times, despite the fact that on January 8 of this year the RA government made a decision to accept as a gift 12.5% of the shares. Initially, the document was supposed to be signed in August 2024, after which the deadline was postponed to November, but even then this did not happen. Operation is planned to begin after the completion of construction work.
The deposit is the second largest in terms of reserves in Armenia. According to the company, the deposit contains about 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, in the interfluve of the Arpa and Vorotan rivers.
