Lydian secures approval for Amulsar gold project in Armenia

30 November 2014 (Last Updated November 30th, 2014 18:30)

US-based Lydian International has secured approval of the mining right for the Amulsar gold project in Southern Armenia.

Amulsar Gold Project

US-based Lydian International has secured approval of the mining right for the Amulsar gold project in Southern Armenia.

Lydian's 100%-owned subsidiary Geoteam CJSC received the approval from the Ministry of Energy and Natural Resources of Armenia.

Following the approval, which represents the final stage of the mining permitting process, the company gets the right to develop the project in-line with the parameters set out in the feasibility study.

Lydian has received various permits in the past, but this marks the first time it will receive a mining right and environmental impact assessment (EIA) aligned with the underlying assumptions of its feasibility study and pending ESIA.

"Lydian intends that Amulsar will become an exemplary mining and investment project in Armenia, beneficial both for the country and for our investors."

The approval encompasses all project infrastructure, including the location for crushers, the conveyor and heap leach facility, a mining permit applicable to all three pits, definition of the area where operating activities may take place. An agreement that outlines the nature and duration of mining operations is also covered in the approval.

According to Lydian, granting of the right follows an application, consultation and review process.

Lydian International president and CEO Howard Stevenson said: "Lydian intends that Amulsar will become an exemplary mining and investment project in Armenia, beneficial both for the country and for our investors.

"Lydian is committed to implementing best international practices at Amulsar by complying with IFC and the EBRD environmental and social standards throughout the project's duration."

With its current mine development and construction plan for Amulsar, the company aims to achieve an annual average production of 200,000oz of gold.


Image: Amulsar gold project. Photo: courtesy of GEOTEAM.

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