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Lydian Provides Update on Environmental Audit

Lydian International Limited yesterday announced that the Special Investigative Committee of the Republic of Armenia has released the report provided to the SIC on August 7, 2019 on the environmental audit conducted by "Earth Link & Advanced Resources Development" on the Amulsar Project.

Copies of the Audit Report are available in English and Armenian here.

In addition, Mr. Yura Ivanyan, Head of the Department for Investigation of Corruption-related Property Crimes and Cybercrimes of the SIC, said today during an interview on live television in respect of the Audit Report that: “Besides, I must state that the investigative body has analyzed the information and findings provided by the international audit report and found that there are no grounds for criminal prosecution and continuation of criminal proceedings.”

Edward Sellers, Interim President & CEO of Lydian, commented: “We are relieved that the Audit Report has been made public, as the Government of Armenia has repeatedly conditioned Lydian’s ability to advance the Amulsar Project on its results. We look forward to reading the full text of the Audit Report and are confident it will confirm Lydian’s prudential approach to environmental stewardship. We are also heartened to know that there are no grounds for criminal prosecution or the continuation of criminal proceedings against Lydian relating to the Audit Report.”

Mr. Sellers continued: “It has been a tough year for many thousands of direct and indirect stakeholders in the Amulsar Project. We want to thank our employees, contractors, suppliers, communities, lenders, shareholders and other supporters who believed in Lydian throughout the process.”

Lydian has always stressed that it operates in Armenia in accordance with its mining permits, which were granted based on a comprehensive Environmental Impact Assessment approval process. Nevertheless, Lydian’s Amulsar Project has been subject to three full-scale environmental audits since July last year. Lydian has fully cooperated with all audits.

The Government of Armenia has previously indicated it would be ready to conclude on the Audit Report this week.

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