Lydian Armenia is pleased to announce the restart of construction activities at Amulsar. Active construction is already underway, with 10 contractor companies engaged in completing the key mine infrastructures of the mine.
The Company reaffirms its commitment to conducting construction and operation of the mine in line with international best practices for environmental management and health and safety, as it has done in the past.
The operation of the Amulsar mine will have significant importance for Armenia’s economic development, especially for the communities surrounding Amulsar. Specifically, given current international gold market prices, the Company is expected to pay USD 100-120M annually in taxes and royalties during the mine’s operation. The project is expected to create approximately 1,000 direct jobs and around 5,000 indirect jobs. Additionally, GDP is forecasted to increase by an additional 1%.