Lydian Armenia presented first annual report on Amulsar project

ArmInfo.Formed by Lydian, an independent advisory group that monitors the Amulsar development project, presented its first annual report. The head of the group,  Dr.  John Harker, announced during a press conference on May 22.

"We assessed the Amulsar program and developed 19 weighty proposals  that Lydian Armenia can approve as part of the Amulsar project," he  said. The head of the group noted that the proposals noted in the  report are aimed at increasing the efficiency of the company's  activities. At the same time, a group of independent experts called  on the company to strengthen mechanisms for managing the social and  economic activities of contracting companies.

In a conversation with ArmInfo, a member of the group, environmental  expert Hayk Akarmazyan noted that, in general, expert recommendations  affect three blocks - social, environmental and health protection.  A  separate section in the report is devoted to cyanide, A. Akarmazyan  noted. "From the moment when chemical goods will be supplied to  Armenia, it is necessary to establish serious control by the state,  specialists, society and other interested parties," he stressed.  However, today the expert does not see any serious problems related  to the implementation of the Amulsar program. "Many people say that  tomorrow will be bad. Therefore, we have previously prepared a report  with recommendations that will avoid negative consequences at the  start of the gold mining process, "he explained.

An independent advisory group was formed in 2017. It included  Armenian and international experts in such areas as nature  protection, healthcare, social sphere, human rights. The group  consisting of 7 experts is engaged in research of fulfillment by  Lydian Armenia of its obligations in accordance with the best  international experience in the mining industry.

Lydian Armenia is a subsidiary of the British Lydian International,  whose shareholders are also large international institutional  investors from the United States, Great Britain and a number of  European countries, including IFC and EBRD. The Amulsar project is  the largest industrial project in Armenia for the development of the  Amulsar gold deposit at a total cost of $ 370 million. In August  2016, a project for the construction and development of the field was  launched. Preliminary work has been carried out since 2006.  The life  of the Amulsar deposit will be 10 years and 4 months, an annual  average of 200,000 ounces of gold (about 10 million tons of ore) is  planned. The company's shares are quoted on the Toronto Stock  Exchange.  Amulsar deposit is the second largest in Armenia.