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Lydian announces partnership with the Armenian Government and Eurasian Development Bank

We are proud to announce the signing of a Memorandum of Understanding between Lydian Armenia, the Armenian Government and the Eurasian Development Bank yesterday. By signing the Memorandum, the Parties will take specific steps for the recommencement and continuation of the Amulsar Gold Mine Project.

The total amount of investment required to complete the construction and start the operation of the Amulsar gold mine will be 250 million USD.

Under the MoU:
- Lydian Armenia will present to the Armenian Government 12.5% of its equity capital becoming partners with the Government in the Amulsar Project.
- The Government will implement all possible measures within the scope of its powers under the law for the smooth implementation of the Project.
- EDB will extend a loan of USD 100 M to Lydian Armenia with another USD 50 M from a local Armenian bank.
- The company will provide annual financial assistance to the affected communities (Jermuk, Vayk, Sisian) in the amount of USD 7M annually during the construction phase.

The start of construction is planned for this year.


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