According to Lydian Armenia’s Executive Director, Hayk Aloyan, the company plans to start the exploitation of the Amulsar gold mine in 2024. Currently, engineering works are being carried out on the mine site, as the project experienced a five-year downtime. Aloyan stated that 70-80% of the work was already completed in 2018, and the company is now assessing the existing infrastructure to determine if it can be utilized. Lydian Armenia is also working on securing financing for the project.
The results of the expertise commissioned by the Eurasian Development Bank are expected to be received in August. The bank requested new environmental expertise and a technical consultant to evaluate the Amulsar mine’s operations. Lydian Armenia has stated that it will make a statement on this matter in the near future.
Lydian Armenia has partnered with Allied Gold Corp to implement the Amulsar mine program. Allied Gold Corp, a subsidiary of Orion Mine Finance, is an international company with extensive experience in mining and mine construction. Aloyan emphasized that they were chosen due to their expertise and commitment to international standards.
Regarding the reserves of the Amulsar mine, Aloyan expressed confidence that the program will be long-term, as the reserves are expected to last for 40 years. This indicates that the mine has substantial gold deposits to sustain operations for several decades.
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