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Banks.am spoke with Hayk Aloyan, Executive Director of Lydian Armenia company.
- Mr. Aloyan, on February 22 the restart of the Amulsar gold mine project was announced. Before coming to it, I think it is important to record what results the project would have achieved today if it had not been suspended in 2018 for reasons beyond the control of the company.
- If in 2018 the Amulsar project had not been suspended, we would have had the first company in Armenia to be listed on the Toronto Stock Exchange, and Amulsar would have been one of the largest gold mines operated in the region, setting a high bar in environmental and social management. The project would have contributed to the boost of Armenia’s reputation as an investment-friendly country.
About 6,000 people would have been directly or indirectly engaged in the project, and residents of the surrounding communities would not have been forced to look for work outside their communities. Many people would have high-paid jobs with ample opportunity for professional development. Lydian Armenia would have been among the top three taxpayers.
I am sorry to record that Armenia lost at least 350 million US dollars during this period, which our country definitely needed.
- The Minister of Economy said that the Government of Armenia “will receive a 12.5% share of the new company without paying anything. Instead, it will secure against certain risks of the transaction.” There is an ambiguous attitude in the public to the fact that large mining companies have started to voluntary transfer part of their shares to the Government. What is the economic point of it and attractiveness for the company?
- First of all, I would like to note that the Amulsar project will be implemented by Lydian Armenia company. The company’s shareholders are American Orion Mine Finance and Canadian Osisko Gold Royalties companies. Today, the state has become their partner too.
There are many examples in the world, when miners partner with the state. It ensures more effective interaction between the parties.
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