Amulsar mine to reach 50% of its capacity next year - ministry 

ArmInfo. Construction work is currently underway at the Amulsar gold mine, and at maximum capacity, the mine is expected to produce 8-10 tons of gold per year.  Armenian Finance Minister Vahe Hovhannisyan stated this in an interview with  the research publication Hetq. He noted that this will be achieved  gradually, step by step.

According to the Minister of Finance, the restart of the Amulsar  project will contribute approximately 1.2 to 1.4 percentage points to  Armenia's GDP growth. "We will achieve this within a few years,"  Hovhannisyan noted. He also added that the operation of the Amulsar  mine will also impact the 2026 budget, as the Ministry of Finance  projects that the mine will be able to produce half its maximum  capacity by 2026.

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

As a reminder, 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, and  operations have been suspended. The total cost of the Amulsar project  is approximately $400-450 million. The mine's life is estimated at  10-11 years, with an average annual gold production rate of 200,000  ounces. The deposit holds the second-largest reserves in Armenia.  According to the company, the deposit contains 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.