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Minister of Economic Development and Investments Suren Karayan visited Amulsar Project

On May 30 the delegation of the Ministry of Economic Development and Investments headed by Minister Suren Karayan visited Amulsar project area and have been to the working camp, construction site, pits area as well as a number of Lydian sponsored social development projects in the communities.  

Managing Director of Lydian Armenia, Hayk Aloyan presented the economic and investment potential of Amulsar project. The capital investments before the end of construction in 2018 will make up 370 million USD. This stage of construction at Amulsar secured jobs for around 570 people in Armenia, 280 of which are employed from local communities of Jermuk, Gndevaz, Gorayk and Saravan. During the peak construction, around 1300 are expected to work at the project. First gold will be poured in the first half of 2018 and during the 10 years of production the project is expected to employ around 700 people.

Lydian Armenia Senior Sustainability Manager, Armen Stepanyan updated the visiting delegation on the environmental management of the Amulsar project, ensuring all that Amulsar will become a modern mine operation that is designed and will be operated as other similar modern operations in the developed world.  Amulsar project is the first mining project in Armenia to have conducted an ESIA in line with IFC and EBRD Performance Standards and Requirements. Integration of the ESIA recommendations with project design ensured that the project is developed in line with modern standards, using modern technology. Lydian Armenia and the international team members answered the questions of the delegation about the project environmental management.


The Minister, together with the Mayor of Jermuk, visited business projects launched in the nearby communities, particularly a sewing shop in Gndevaz community. The Minister also visited several social development projects carried out by Lydian in the communities, such as a renovated art school and kindergarten in Jermuk.  The Minister was informed that since the start of exploration Lydian has already invested 3 million USD in strategic community development projects.  


Lydian Armenia Managing Director Hayk Aloyan emphasized the commitment of the Company to build and operate an exemplary project, in line with international standards. He said that Amulsar, being the largest investment in Armenia, is visible to the investment community and the project’s success will also have a positive impact on Armenia’s investment reputation.

Minister Karayan reinforced Armenian Government’s commitment to support foreign investments in Armenia and mentioned that it is particularly important that the foreign investments bring not only economic benefits but also introduce best international practice, particularly in mining, raising the bar in the industry and introducing new corporate responsibility culture.  Minister also emphasized the importance of Lydian Armenia’s support to small and medium enterprise initiatives in the region. The Minister has scheduled his next visit to the Project in a two months’ time, while continuing to monitor the progress by staying in close contact with the Company.