On October 10, Amulsar Gold Mine celebrated its first gold production and pouring with an official ceremony, marking the start of operations at the first mineral deposit discovered in Armenia since independence.
From initial discovery and exploration through project development and construction to the start of operations, Amulsar has completed every stage of the mining project development lifecycle.
Amulsar’s first gold is not only the culmination of years of hard work, but also gold that creates value for Armenia’s economy, local communities, its people, and the future development of the country’s mining industry. The commencement of mining operations marks a major economic milestone for Armenia, creating new jobs, increasing state budget revenues, and demonstrating the attractiveness of the country’s investment environment.
The Amulsar Project is being developed through a strategic partnership between Lydian Armenia and the Government of Armenia, which also holds a 12.5% stake in the company.
Lydian Armenia has invested approximately USD 750 million in the Amulsar Project, including USD 150 million in financing provided by Ameriabank under a state guarantee issued by the Government of Armenia.
Through the Amulsar Project, Lydian Armenia has introduced and implemented international best practices and leading standards in modern, responsible mining, establishing a new culture within Armenia’s mining industry.
