Lydian Armenia to switch to 24/7 construction activities at Amulsar

ArmInfo. Lydian Armenia will switch to 24/7 construction activities at the Amulsar mine starting next week, as announced by Lydian Armenia CEO Hayk Aloyan,  in response to a question from an ArmInfo correspondent on the  sidelines of the Mining Armenia Forum.

He mentioned that the construction at the gold mine began in August of this year. It is  currently in its active phase, with approximately 550 people and 400  pieces of heavy equipment involved. "The main components are  currently under construction. We are making every effort to quickly  complete this phase of the program," the company's CEO said. Aloyan  found it difficult to provide a specific completion date, noting that  it could take several months.

Note, when announcing the start of construction in August, the  company assured that the continued operation of the mine would be  crucial for the country's economic development, particularly for the  communities near the village of Amulsar. In this regard, it was noted  that, based on current international gold prices, the company plans  to pay approximately $100-120 million per year (approximately 46  billion drams - Ed.) in taxes and royalties to the country's budget  while the mine is in operation. "Furthermore, 6,000 jobs will be  created, and Armenia's gross domestic product (GDP) is expected to  increase by another 1%," the company concluded.

Recall, since the end of 2018, the Amulsar gold mine has been blocked  by environmental activists. The government has been unable to resolve  the issue of resuming construction of the mine, resulting in  suspended activities. The total cost of the Amulsar project is  approximately $400-450 million, with an estimated lifespan of 10-11  years and an annual production rate of 200,000 ounces of gold. The  mine holds the second-largest reserves in Armenia, containing  approximately 73,733 kg of gold with an average grade of 0.78 grams  per ton, as well as 294,367 tons of silver with an average grade of  9.29 grams per ton. It is located in the southeast of the country, 13  km from the city of Jermuk, in the interfluve of the Arpa and Vorotan  rivers.