Lydian Armenia donates 12,5% shares to government, pledges extra environmental measures ahead of Amulsar restart


YEREVAN, JANUARY 18, ARMENPRESS. Lydian Armenia, the operator of the Amulsar gold mine in Armenia’s south, has donated 12,5% of its shares to the Armenian government.

In 2023, the Armenian government, the Eurasian Development Bank and Lydian Armenia signed a MoU to explore the opportunities of continuing the exploitation of the mine. Lydian Armenia said it would ensure at least 250,000,000 dollars in investments. In addition, Lydian Armenia said it would pay an extra 7 million dollars in financial support annually to local communities near the mine in addition to the allocations for environmental protection projects envisaged under environmental taxes. The donation of the 12,5% shares to the government is also part of the MoU.

Amulsar gold mine’s adjacent communities are Jermuk, Sisian and Vayk.

The decision on approving the donation was made at the Cabinet meeting on January 18.

Armenian Prime Minister Nikol Pashinyan said the government has received answers to all questions regarding the Amulsar mine, and thus authorities have considered greenlighting the resumption of the project. 

“We faced problems related to the Amulsar mine all the time in the past six years. And certainly, we had multiple concerns, and the government has been very consistent in receiving answers to these concerns. We deemed the continuation of the project possible when we received answers to all the questions. And it is commendable that, following one example, the investors wanted the people, in person of the government, to have participation and have shares in that project. And in this case, 12,5% will pass to the Armenian government, meaning, to the people of Armenia,” Pashinyan said.

“We hope that the Amulsar mine will become a platform for introducing new standards in mining,” the Armenian PM said, adding that the project will contribute to economic growth.