ArmInfo. At current gold prices, Lydian Armenia will annually contribute up to $130 million in taxes to the state budget. Armenian Economy Minister Gevorg Papoyan announced this in a conversation with journalists, noting that the price of gold is trending upward.
At the same time, he noted, the enterprise will have a 1-1.5% impact on GDP, and has already created 1,600 direct jobs and up to 4,000 indirect ones. "The launch of the project will significantly increase our exports and strengthen the economy," Papoyan said.
The Economy Minister also emphasized that all studies conducted have shown that the Amulsar mine's impact on the environment is insignificant. At the very least, according to the official, the negative stories that were reported have not been confirmed. He noted that Lydian Armenia utilizes the latest technologies and methods employed in Canada and the United States. Noting that he has always advocated for the launch of the Amulsar mine, Papoyan emphasized: "It is difficult to imagine our economy without Amulsar, the Zangezur Copper-Molybdenum Combine, and other similar mining giants. This must be accepted. We have a long-term development plan that includes such components. And we intend to be a strong country, not a weak one, economically," he emphasized. When asked whether the Minister of Economy guarantees that the Amulsar project poses no threat to Lake Sevan and Jermuk, Papoyan noted that these guarantees have already been provided by previously conducted studies.
It is worth noting that the Amulsar mine was launched on October 10, 2026. Pashinyan, launching the work, stated that the Amulsar gold mine will produce about 210,000 ounces of gold per year. It is noted that as a result of the mine's operation, the annual taxes and royalties paid by Lydian Armenia to the state budget will amount to about $130 million, which will have a positive impact on Armenia's GDP of 1.5-2%. The Amulsar project is expected to provide more than 4,000 direct and indirect jobs. According to the community development agreement signed between the government, Lydian Armenia and the communities of Jermuk, Vayk and Sisian, it is planned to allocate $7-9 million annually for socio-economic development programs in the communities throughout the entire period of the mine's operation. The project is being implemented within the framework of strategic cooperation between Lydian Armenia and the Armenian government. The company invested approximately $750 million in the project, $150 million of which was secured by a state guarantee issued by the Armenian government. Environmentalists criticized the Armenian authorities' decision, emphasizing that the mine's operations would cause irreparable damage to the Jermuk resort and Lake Sevan.
