Armen Stepanyan: We hope for the earliest possible international  examination of the Amulsar project

ArmInfo. Our doors have always  been open for any kind of inspections, which can not cause the  suspension of the enterprise. This was January 30 on the fields of  the event, timed to present the first national EITI report, said  Director of Lydian Armenia in the area of sustainable development  Armen Stepanyan.

"But the reality today is such that in the created situation we hope  for the earliest possible international examination," he  stressed.According to Stepanyan, the suspension of the investment  program for the Amulsar deposit will necessarily affect the business  image of Armenia. , he stressed.When asked by the journalists about whether the  company is considering the possibility of returning its funds through  legal proceedings, Stepanyan noted: "All options for this are open,  it has been repeatedly mentioned.  Everything is possible>. 

He recalled that during 2018 the company plans to make additional  investments, and by the end of the year Lydian was preparing to start  production. At the same time, Stepanyan found it difficult to name  the amount of damage caused to the company, noting that it is about  several tens of millions of dollars. If this year presents an  opportunity, the company, he said, intends to continue construction  work.

The company could make serious institutional changes in the  extractive industry of Armenia, if it works>, he concluded.Note that  the roads leading to the Amulsar deposit are closed by a group of  people who oppose the operation of the mine since June 2018.  According to representatives of Lydian Armenia, due to the current  situation, the company suffered serious damage, moreover, 1,300  people lost their jobs.Recall that Lydian Armenia is a subsidiary of  British Lydian International, whose shareholders are also major  international institutional investors from the United States, Great  Britain, and a number of European countries, including the EBRD. The  Amulsar project is the largest industrial project in Armenia today  for the development of the Amulsar gold deposit with a total value of  $ 370 million. In August 2016, the project for the construction and  development of the deposit was launched. Preparatory work has been  going on since 2006. The life of the Amulsarsky deposit will be 10  years and 4 months, with an average of 200 thousand ounces of gold  (about 10 million tons of ore) planned annually. The stock is listed  on the Toronto Stock Exchange. Amulsar deposit is the second largest  reserves in Armenia.