Delegation headed by the Minister of Economic Development and Investments of RA Suren Karayan visited Amulsar project area, labor camp, building site, mine and the nearby communities to review economic and social development programs implemented by “Lydian Armenia”.

The Minister discussed the process, volume and schedule of the investment project with the executives of the company. CEO of “Lydian Armenia” Hayk Aloyan represented the overall characteristics of Amulsar project’s investment and economic impact to the guests. According to the CEO, Amulsar is currently the largest international investment in Armenia. Capital investments in the research and exploration phase amounted nearly 90 million USD, while investments expenditures for acquisition of equipment and construction works for preparing the mine until completion will amount additional 370 USD. Currently over 570 employees are involved in the construction, 280 from nearby communities. More than 1300 people will be employed during the construction works. 700 permanent workplaces will be created during the further 10 years of mining. Hayk Aloyan mentioned that the first gold extraction will be carried out in spring 2018. “We have committed to create an exemplary project and international investors are following this project. The investment reputation also depends on Lydian’s success. When the program succeeds, the international investors will follow our example and will invest in Armenia,” said the CEO of “Lydian Armenia” Hayk Aloyan.

The details of Amulsar project’s nature preservation management were also represented to the Minister. Senior Manager of Sustainable Development of the project Armen Stepanyan mentioned that Amulsar is the first mining project in Armenia which is being carried out corresponding to the Nature Preservation and Social Impact Assessment IFC and EBRD standards – ensuring Amulsar’s design through modern nature preservation technologies and requirements. Minister Suren Karayan and Deputy Minister Tigran Khachatryan asked several questions on economic and nature protection management.

Armen Stepanyan said that nature preservation and social impact assessment regarding Amulsar project has been carried out in accordance to all international standards. All the risks have been assessed, including those which are voiced by the nature preservation community and relevant actions were designed in a way that all residual effects are within acceptable limits or do not exist.

The Minister also got introduced to the new business programs in the nearby communities, which were initiated due to the project, particularly the sewing factory opened in Gndevaz and renovated art school in Jermuk. The representatives of “Lydian Armenia” said that nearly 3 million USD have been invested since the launch of the project for social¬economic development programs of nearby communities.

The Minister of Economic Development and Investments of RA Suren Karayan reaffirmed the willingness of the Government of RA to promote international investments stressing the importance of investments increasing demands of the mining industry and introducing a new culture of corporate responsibility.

Suren Karayan said, “The impact of Amulsar investment project on Armenia's economy will be significant, about 2% GDP annual growth. The promotional projects of “Lydian Armenia” for small and medium-sized enterprises of the communities are very important as we saw the success of sewing factory in Gndevaz.” The Minister has reached an agreement with the company to visit Amulsar project area again after two months, while continuing the cooperation with the company through constant communication.