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.
