ArmInfo. The permits for the use of mineral resources issued to Lydian Armenia are administrative acts that are not subject to appeal and cannot be invalidated administratively or by a court decision. This was reported by the company's press service, citing the decision of the Administrative Court.
In particular, as noted by the company, in 2015, two public organizations filed a lawsuit against the Ministry of Energy and Natural Resources of the Republic of Armenia, demanding that the agency invalidate the permits issued to Lydian Armenia, according to which the company was also allowed to exploit the Erato section of the Amulsar deposit.
The court ruled that the contested acts are amendments to the main permits, therefore, given the legality of the main permits, their legality cannot be called into question either.
, the company noted.
The source also says that Lydian Armenia, which is a third party in both court cases, has already appealed the December 2 decision in the Court of Appeal.
Recall that since the end of 2018, work at the Amulsar gold mine has been blocked by environmental activists. The government has not been able to figure out how to resume construction of the mine and work at it had to be suspended.
In February 2023, the Government of the Republic of Armenia, Lydian Armenia CJSC and the Eurasian Development Bank (EDB) signed a memorandum of understanding, which marked the restart of the Amulsar mine exploitation program. Within the framework of the memorandum, as then Minister of Economy Vahan Kerobyan said, $150 million will be attracted, of which $100 million will be EDB loan funds, and $50 million will be provided by a local bank, and an additional $100 million will be invested outside the agreement by shareholders. The funds will be used to complete construction work at the mine and purchase the necessary equipment.
Within the framework of the deal, the Government of Armenia has already received 12.5% of the company's shares, and assumed the role of guarantor for the funds raised and will insure the deal against certain risks.
At the beginning of 2024, over 130 public organizations and residents of the city of Jermuk spoke out against the possible exploitation of the mine. In a joint statement they issued, it was emphasized that by accepting a gift in the form of 12.5% of the shares of the Lydian Armenia company, which is developing the mine, the Government of Armenia ignored democratic values and the rights of local communities.
At a press conference in November 2024, Armenian Economy Minister Gevorg Papoyan said that the mine could possibly begin operations in the fourth quarter of 2025. He also said that $250 million needed to be raised to launch the latter. Of this amount, the minister noted, the company has raised $100 million, and intends to raise the remaining $150 million from large Armenian banks.
It should be noted that the total cost of the Amulsar project is $370 million. The mine life is 10 years and 4 months, with an average of 200,000 ounces of gold planned to be mined annually. 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.
The deposit 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.
