Asbarez: Armenia U16 Basketball Star Anthony Sargsyan named MVP of FIBA U16 Eu

Armenia U16 national team player Anthony Sargsyan has been named the Most Valuable Player of the FIBA U16 EuroBasket Division C, held in Yerevan.

Sargsyan played a pivotal role in leading Armenia to an unbeaten championship campaign, averaging 21.0 points, 14.8 rebounds, 2.5 assists, and an efficiency rating of 36.0 throughout the tournament.

In addition to earning MVP honors, Sargsyan was selected to the tournament’s All-Star Five, further cementing his status as one of the competition’s standout performers.

—

Applications Open for the Summer 2027 Israelyan Fellowship at Gladstone’s Libr

Applications are now open for the Summer 2027 Israelyan Fellowship at Gladstone’s Library, a month-long residential fellowship supporting advanced work in Armenian studies, literature, and the social sciences. This is the inaugural year of what is intended to be an annual fellowship.

The Israelyan Fellowship provides writers, artists, and scholars with dedicated time and space to focus on a project that is already substantially underway. The fellowship is designed for applicants who can demonstrate significant progress on their proposed work and who seek an uninterrupted period of research or creative activity to bring their project to completion or to a major new stage.

The fellowship includes a fully funded 31-night residency at Gladstone’s Library, the United Kingdom’s premier residential library. Fellows receive accommodation in a private double en-suite room (single occupancy), breakfast, lunch, and dinner throughout their stay, access to the library’s collections, facilities, and scholarly community, as well as a contribution toward travel expenses.

Applications are open to writers, artists, and scholars of any nationality working in Armenian studies or on Armenian themes broadly conceived.

The application deadline is October 15. Applicants will be notified of the selection results by December 1. The residency will take place during Summer 2027, with applicants invited to indicate their availability and flexibility.

Apply online.

Applications will be reviewed by a steering committee chaired by Dr. Khatchig Mouradian, and including Dr. Andrea Russell, Warden and Director of Gladstone’s Library.

Established by Souren A. Israelyan, the Israelyan Fellowship at Gladstone’s Library seeks to nurture and sustain Armenian intellectual and cultural traditions while inspiring new forms of scholarship and creative _expression_. Drawing on his own teenage dreams of studying and growing within the spiritual and scholarly environments of Armenian monasteries, Israelyan envisioned the fellowship as a way to connect scholars and writers with spaces that encourage reflection, research, and dialogue.

Gladstone’s Library was selected not only as the United Kingdom’s finest residential library but also because of its historic links between Armenians and William E. Gladstone, strengthening the fellowship’s mission of bridging past and present.

Applications may be submitted through the fellowship’s online application form. Applicants should upload their curriculum vitae, personal statement, project proposal, timeline, and two letters of recommendation for full consideration.

Questions about the fellowship may be directed to [email protected].

—

Acclaimed Armenian Artists to Take Center Stage at 2026 Northwest Mahler Festi

SEATTLE — The Northwest Mahler Festival will showcase a collaboration of two acclaimed Armenian-American artists. Music Director Tigran Arakelyan will lead the festival orchestra in Gustav Mahler’s monumental Symphony No. 3 on Saturday, August 1, at 7 p.m. at the Shorewood Performing Arts Center.

As the longest symphony in the standard repertoire, this immense, transformative work spans nearly 100 minutes. Bringing the six-movement masterpiece to life demands a massive orchestral presence alongside an extraordinary vocal cast. The performance features mezzo-soprano Laurel Semerdjian as the soloist, alongside the Northwest Boychoir (Artistic Director Jacob Winkler) and a Women’s Chorus (Artistic Director Beth Ann Bonnecroy).

Conductor Tigran Arakelyan has been Music Director of the Northwest Mahler Festival since 2018, Arakelyan is an award-winning conductor known for his dynamic interpretations and visionary leadership.

Mezzo-Soprano Laurel Semerdjian is hailed for her “deep, velvety voice,” Semerdjian is a premier international soloist renowned for bringing profound emotional depth to Mahler’s vocal movements.

Tickets are available online. Early booking is highly recommended due to limited seating.

Founded to celebrate the expansive works of Gustav Mahler, the Northwest Mahler Festival brings together regional musicians, vocalists, and choruses every summer. Learn more online.

https://asbarez.com/acclaimed-armenian-artists-to-take-center-stage-at-2026-northwest-mahler-festival/?fbclid=IwY2xjawTECZVleHRuA2FlbQIxMQBzcnRjBmFwcF9pZBAyMjIwMzkxNzg4MjAwODkyAAEenYE2y4fozCyVFZDJ_dbET5PH4wQ_HqQoQ2izhAGdODGLKns-OiRQCp7jkfY_aem_hKuS5zXsacgVxQCU6Y9-xA


—

Asbarez: Armenian Scientist Co-Authors Study Confirming Einstein’s Theory with

A groundbreaking study published in the latest issue of Nature has confirmed one of Albert Einstein’s key predictions with unprecedented precision, with Armenian astrophysicist Professor Vahagn Gurzadyan among the international team of researchers behind the achievement.

The paper, titled “LARES-2 Satellite Measures Frame-Dragging Effect Around the Earth,” reports the most accurate measurement to date of the frame-dragging phenomenon – a subtle effect predicted by Einstein’s general theory of relativity, in which a rotating massive body such as Earth drags the fabric of spacetime around with it.

Professor Gurzadyan, head of the Center for Cosmology and Astrophysics at the A.I. Alikhanyan National Science Laboratory (Yerevan Physics Institute), is one of the study’s co-authors. The laboratory participates in the international LARES mission, a collaboration involving the Italian Space Agency, the European Space Agency, and several leading scientific institutions.

The research is based on data collected by the LARES-2 satellite, launched in 2022, together with observations from the earlier LAGEOS and GRACE satellites. According to the researchers, LARES-2’s optimized orbit, extremely low surface-to-mass ratio, and highly uniform retroreflector distribution enabled scientists to measure Earth’s frame-dragging effect with a relative uncertainty of just one part in a thousand – an order-of-magnitude improvement over previous measurements in the Solar System.

The findings provide one of the most stringent confirmations yet of Einstein’s general theory of relativity in the near-Earth environment. They also place strong constraints on alternative theories of gravity that predict deviations from general relativity, including scalar-tensor models such as Chern-Simons gravity.

Beyond its significance for fundamental physics, the research has practical implications for geophysics. The combined analysis of the LARES-2 and LAGEOS satellites improves the determination of Earth’s lunisolar tides and contributes to more precise studies of the planet’s gravitational field.

The study has attracted widespread international attention. Scientific American highlighted the findings in an article titled “The Earth Is Dragging Spacetime Around Its Orbit, Just as Einstein Predicted,” describing the LARES-2 measurements as among the most precise ever made of the frame-dragging effect. The research has also been covered by Ars Technica, Italy’s Rai Radio 3 and MeteoWeb, Russia’s TASS news agency, and other international media outlets.

The publication marks another high-profile international scientific achievement involving Professor Gurzadyan. In September 2025, Nature Partner Journals – Heritage Science published a study co-authored by Gurzadyan and archaeologist Arsen Bobokhyan on Armenia’s unique vishapakars (dragon stones), research that also received extensive international media coverage.

https://asbarez.com/armenian-scientist-co-authors-study-confirming-einsteins-theory-with-record-precision/?fbclid=IwY2xjawTECelleHRuA2FlbQIxMQBzcnRjBmFwcF9pZBAyMjIwMzkxNzg4MjAwODkyAAEeG38hka5oh4u4fdboj53ORt3EnOA6Xb8MKmsaeJmVKe5gfBihdaLAHteLPiE_aem_QE1mDuAD0kUE3kM0wcTlxg


—

168: “Does an aimless climber on the slopes of Khustup have a regional turbulento?”

July 14, 2026

Member of the Executive Body (GM) of the Republican Party of Armenia (RPA), former First Deputy Minister of Defense Artak Zakaryan writes: “The US Armed Forces announced that they will resume the naval blockade against Iran from today. It was noted that the entry and exit of ships going to and leaving Iranian ports will be blocked. The safe navigation of only those ships that will not violate the blockade requirements (of course, money, fee) will be ensured.

At the same time, according to The New York Times, President Trump has officially informed Congress about the resumption of military operations against Iran.

After these statements of the US President and the Armed Forces, oil prices increased by 8%.

Iran also has its plans of actions aimed at resistance and protection of interests. The countries that will cooperate with the USA against him have already been announced as legal targets. US-owned facilities in neighboring countries are targeted.

At the initiative of France and England, the leaders of 25 countries, within the framework of the “coalition of the determined”, have gathered and are discussing the issues of supporting Ukraine against Russia, resisting further actions, and defending against more powerful ballistic and strategic strikes.

The President of Russia promises to strike Ukraine several times more powerfully.

Along with the new regional escalations, Aliyev took ambitious and tougher positions to strengthen his positions in the South Caucasus. From the footnotes of the latter’s statements, it can be seen that the peace treaty with Armenia is not so interesting to him. Azerbaijan sees the developments and its role in it differently.

Clearly, a new phase of regional turbulence is beginning…

P.S.

Does the head of a completely failed government, aimlessly climbing the slopes of Khustup, have the slightest idea of ​​how to cope with the new turbulence that awaits?



—

Is it the turn of Gagik Tsarukyan’s horses? Where will the animals be taken?

July 14, 2026


Today 168.amreceived information that they are going to “confiscate” the 12 horses of the equestrian club belonging to Gagik Tsarukyan as well.

And although it has become known that the actions have been postponed, the club is still waiting for that scenario.

Employees are concerned about the fate of 12 horses. they note that the possible transfer of animals will have negative consequences, because better conditions for them than those created in the club are not possible – a large area, without favorable conditions for exploitation.

Employees are also concerned about the fact that most of the horses are 12 years old or older.

—

“The globalists managed to create a “Kajnazarian” government in Armenia, this is it

July 14, 2026


“In order to implement a change of power, the people must be ready for it. These elections showed that it is not ready at this moment. It seemed that these years had taught people something, but we saw that it was not, they are still waiting for something.” 168.amsaid in a conversation with writer, public speaker Bakur Karapetyan՝ talking about the national elections held in Armenia, its consequences and the prerequisites for a possible change of power in Armenia.

He says that 2000 years ago, the Armenian nation should have conquered the whole of Asia Minor, but, unfortunately, it could not, probably they were not united again, they only thought about the inter-ethnic struggle. They did not have a common goal and ideology, that is, they were in the same situation as they are today.

“With today’s situation, can we be a nation-state, can we do this, maybe not at this moment. The basis of having all this is the brain, knowledge, but today we are not able to appreciate the mind, we are pushing smart people back, I am also talking about the intelligentsia, which has automatically been pushed back from the front line, while in this situation it should not have been like that. Intellectualism should create a movement, raise the people, spread ideas.

Although everything is very difficult, I am sure that everything is not lost, there are more opportunities at this moment. If in the past they conquered the world with a single bow and arrow, today they can conquer it with their brains, so it would be good if strong individuals, intellectuals, were in the “frontline”. The globalists managed to create a “Kajnazarian” government in Armenia, this is a terrible phenomenon for us, which we cannot deal with.” 168.am–Bakur Karapetyan said in a conversation with

Read also

  • Political loyalty in exchange for the economy. the insoluble knot of Armenian-Russian negotiations
  • The only thing for the opposition to do in the new status quo
  • Distortion… Why are you making this show, what… what will you do if the Russians let them go, whose dog is he to change religion in Armenia? Arman Grigoryan

According to him, those people who help this government stay in power “don’t care about Armenia, they don’t know what fate awaits the country tomorrow”, only the Armenian nation should think about it.

“It is not necessary that Serzh Sargsyan and Robert Kocharian are in power, but they can lead people, I have nothing against them, of course, I respect them as former presidents. They can lead knowledgeable people forward and help with their experience and resources,” Bakur Karapetyan emphasized.

He also said that the Armenian nation can feel its strength when it becomes united, which is needed at this moment.

“Do you think that today our enemy wants us to unite, of course, he doesn’t, he has seen what we are capable of in case of that unification, that’s why they are doing everything. Even today, our enemy’s allies are doing everything to prevent this unification from happening. We represent a huge force, why don’t we use it, let everyone ask themselves this question. When we are strong, the stranger will respect us, instead of standing up and demanding respect from the stranger.

If foreign forces can put their own person in charge of our country, this is not their problem, but our problem, we have to solve these problems, a foreigner will not come to solve our problems. Beyond this, there is no other shocking phenomenon, if we don’t save our country, then the issue of Armenia ends, that’s it,” emphasized Bakur Karapetyan.

—

More money was sent to “Meridian Holding” CJSC for COP 17. 500 this time

July 14, 2026


The 17th Conference of the Parties to the Convention on Biological Diversity will be held in Yerevan at the “Meridian” exhibition and event center. 168․amis different with publications refer to is at the event.

In particular, we informed that last year the State Property Committee of the Ministry of Territorial Management and Infrastructure signed a space lease agreement with “Meridian Holding” CJSC for the COP 17 conference. The price of the contract was 5 billion 775 million drams. In the contractual specification about the nature and period of space provision, it is also stated that in addition to the COP 17 service, the holding will also provide space provision services within 6 years after that, within the framework of the price of the mentioned contract, equivalent to 2 billion 775 million AMD (the cost of 1 square meter for 1 day is 462.5 AMD and without the minimum square meter requirement).

In the session of September 11, 2025, the Executive Board approved the draft Government decision, according to which the 17th Conference of the Parties to the Convention on Biological Diversity (COP 17) will be held in the “Meridian” expo center in 2026. It was mentioned that the allocated sum of 5 billion 775 million drams will be spent on the repair, construction and improvement works of areas in the “Meridian” expo center, making the entire area suitable for organizing the above-mentioned event in the “Meridian” expo center at a high level. The 17th Conference of the Parties to the UN Convention on Biological Diversity (COP 17) is scheduled to be held in Armenia on October 18-30, 2026.

Recently, we learned that the Ministry of Finance provided the same Meridian center with a 500,000 USD loan at 1 percent. The purpose of the loan was assumed to be the same “costly” measure, but for clarification, we sent a written request to the Ministry, inquiring about the purpose of the loan, terms, terms of interest calculation, as well as clarifying whether this is the only similar loan to the “Meridian” center.

Read also

  • The new proposal of Pashinyan’s staff, before the extraordinary session of the National Assembly, for the first session to pass “smoothly”.
  • They will bring it from the nose of the people
  • Risks are accumulating in the real estate market and financial system

In response, Secretary General of the Ministry Hayk Harutyunyan elaborated. On the basis of the Law of the Republic of Armenia “On the State Budget of the Republic of Armenia for 2026” of the Government of the Republic of Armenia of May 27, 2026, Resolution No. 1910-N of the Government of the Republic of Armenia of December 25, 2025 and on Making Budget Loans from the State Budget of the Republic of Armenia No. 762-N of 02.06.2026 Credit agreement No. 1/2026 was signed between the RA Ministry of Finance and “Meridian Holding” CJSC.

According to the contract, for the construction of the “Meridian” expo center, the company was granted a budget loan from the state budget in the amount of AMD 1,839,350,000 with an annual interest rate of 1 percent and a repayment period of 78 months. You can find other information about this decision аrlis.am on the website.

At the same time, we inform that “Meridian Holding” PB company was not granted any other loans from the RA state budget.

The link mentioned by the Secretary General of the Ministry also details that the loan is given to Meridian Holding closed joint stock company for the purpose of building the Meridian Expo Center for the organization of the 17th Conference of the Parties to the United Nations Convention on Biological Diversity (COP17) on October 18-30, 2026 in the Republic of Armenia.

—

The July battles in Armenia were not discussed in a much deeper context. Ti:

July 14, 2026


6 years ago, on these days, you could find the pages of the majority of Facebook users in Armenia TavushStrong the hashtag.

On July 12, 2020, on the Armenian-Azerbaijani border, in the direction of Tavush region, fierce battles began, which were considered the hottest in 2016. after the April war. civilians and settlements were also targeted.

According to official data, everything started with an attempt by the servicemen of the Armed Forces of Azerbaijan to violate the state border of Armenia with a UAZ car.

The case had happened in the interpositional space between the Armenian Movses and Azerbaijani Aghdam villages.

Read also

  • Don’t be fooled by the numbers
  • “I started collecting 10 coins in a container. let him be caught, I will collect money, let him be disgraced all over the world.” Sofia Hovsepyan
  • If the opposition cannot rule out vote theft, taking the mandates will become absolutely meaningless. Grigor Muradyan

Moreover, when RA Defense Minister Davit Tonoyan presented what happened to Nikol Pashinyan during the government session on July 13, the latter, for some reason, decided that “it is possible that the Azerbaijani soldiers have gone astray”, to which the minister responded that his impression was wrong.

After a short time, unofficial channels announced the occupation of new, more favorable positions by the Armenian side. In particular, we are talking about liberating the position called “Fearless”, which is located on the “Gharadash” hill, which was later attacked unsuccessfully by Azerbaijanis.

On July 14, 2020, Pashinyan at the RA Ministry of Defense were introduced The punitive steps of the RA Armed Forces, especially the 3rd Army Corps under the leadership of Grigory Khachaturov.

By the way, in May 2024 168.amwith in the conversation Former Minister of Defense of the Republic of Armenia Davit Tonoyan noted that “The July 2020 battles in Tavush and the February 2019 operations that preceded it were carried out based on the strategic logic of strengthening RA’s positions.”

And in 2020 According to the official data of July 16, Azerbaijan had 13 victims (12 soldiers and 1 civilian), and the Armenian side 4 victim: Major Garush Hambardzumyan, Captain Sos Elbakyan, junior sergeants Grisha Matevosyan and Smbat Gabrielyan.

Later, on July 27, contract soldier Ashot Mikayelyan, who played a major role in the July battles and the liberation of “Anvakh” position, was also killed by enemy sniper fire.

The topic of the July battles and the destruction of high-ranking Azerbaijani military personnel will be examined was an object even during the Baku “trial”.

It should be noted that during the July battles, in particular, Azerbaijan lost the Chief of Staff of its Third Army Corps, Major General Polad Hashimov, as well as the Chief of Artillery of the Third Army Corps, Colonel Ilgar Mirzaev and other officers.

And later, the mother of the Azerbaijani general Polad Hashimov had announced, that in fact his son was “killed” by Kerim Veliyev, the current head of the General Staff of Azerbaijan, who was the country’s deputy defense minister at that time, that is, based on various motives, the military leadership of Azerbaijan sent Polad Hashimov to the place of combat operations, calculating that he would not return from there.

For a long time, Aliyev and his family have paid special attention to the mother of the destroyed Azerbaijani general, and her sharp interviews are almost impossible to find on the Internet.

It is worth reminding that during the days of the July battles, Azerbaijan was threatening hit the Metsamor nuclear power plant.

And the RA government? command lowered the RA Armed Forces, the Artsakh Defense Forces, not to target Azerbaijan or foreign infrastructure there.

There were other notable episodes in those days. In the days of the July battles, from the very first moment, Turkey was his expressed support Azerbaijan: foreign affairs and military departments through

At that time Hulusi Akar, head of the Turkish Defense Department, to Armenia had threatened take retaliatory measures that “the death of Azerbaijani soldiers will not go unpunished”.

And Akar’s pre-war threat was almost immediately followed by the Turkish-Azerbaijani military exercises that took place from July 29 to August 12, 2020 in Baku, Ganja, Kurdamir, Evlakh and Nakhichevan, which “influence” In the context of the 44-day war, as well as Turkey’s direct participation in the war and Hulusi Akar himself role playing we we have referred. At the same time, Armenia had suspended Turkey’s inspection visits to Armenia under the treaty on the SDF and the Vienna document.

Let us add that on one occasion Armen Grigoryan, the Secretary of the RA Council of State had confessed that a large-scale war in Artsakh, such as occurred in September 2020, was expected at some point in the summer of the same year, “During the July events, Azerbaijan aimed to immediately move the military operations to the line of contact with Artsakh.”

In these years, the July battles in the Armenian political field were also considered in the context of provocation, including taking into account Nikol Pashinyan’s decision to reward the participants of the July victory in Sardarapat a month before the 44-day anniversary.

Tigran Abrahamyan, secretary of the NA “I have the honor” faction in the conversation with, we tried to understand what happened militarily in July 2020, whether something much more serious was prevented, which is still unknown, especially when Armen Grigoryan, the Secretary of the RA Council of Ministers, admitted that a full-scale war could take place in Artsakh in July itself.

– In a large sense, the July 2020 battles were a test for the parties to understand who could solve what problem with their resources in large-scale operations.

It involved various military types, and the parties, to be honest, were also testing their strengths, both in terms of special-purpose units and unmanned systems, and certain management approaches. And in this review, the 3rd Army Corps of the RA Armed Forces recorded quite good results, and the corps commander Grigori Khachaturov had a rather big role in it.

Because the corps solved a rather big problem in terms of its overall combat ability and performance of operational tasks.

It is another matter that the topic was not discussed in RA in a much deeper context – the confrontation with Azerbaijan and the development of further events, but the government simply took its propaganda component, tried to build a “strong supreme commander” on it, trying to hide the adventurous behavior of the ruling power, the military-political leadership’s actions not in line with the situation. And later, the 44-day war showed that for the government it was not to analyze, study, realize the plans of the situation, political, military and more, but they simply needed it to blow a propaganda bubble and exclusively in domestic life. to use.

–In fact, how much did the July battles and the army’s actions affect the negotiation process, as once hinted Chairman of the National Defense and Security Standing Committee Andranik Kocharyan pointing the arrow at the military. Is it correct to consider those battles only from the point of view of provocation, when a serious problem was solved, or was the provocation in its political presentation? By the way, at the moment, the 3rd Corps has been without a commander for 2 weeks.

– The 3rd Army Corps has fulfilled the task assigned to it, and all the speculations related to that corps, its soldiers, have an internal political component. Because when this government needs them for their propaganda, they honor the military, when the opposite is needed, they target them, which we have seen many times in other cases as well.

– Let’s talk about it demarcation and: demarcation to the process, which expected is yet In Tavush: More,  July 9-in Nicole: Pashinyan journalists with briefing time a lot dangerous wording is արել՝ legitimizing Jermuk azerbaijani the invasion and: there Baku «rights“, when, in particular, he noted that “we are not sew with scissors that the map let’s cut and: ասենք՝ this the section expressed is, no expressed, if scissors let’s take, the map let’s cut, Azerbaijan email Jermuk, Tavushi Harvest sections will cut»:

This why?what? about risks is

– I think that Pashinyan at this stage is resorting to the methods of blackmail that he used many times, and especially during the “border liberation” in Tavush in 2024, in a much more disguised way. Pashinyan’s main messages, in general, although in slightly different wordings, are the same: if we do not give what Azerbaijan demands, then he will solve the issue at his discretion.

—

Lost years and millions of dollars in damage. Fitch is pinning its hopes on Amuls

July 14, 2026


According to the forecasts of the international rating agency Fitch, the growth of Armenia’s economy will slow down significantly this year. Economic growth of 5.2 percent is expected instead of 7.1 percent of the previous year.

Fitch has singled out the 2 main factors that will make it possible to mitigate the risks arising in the external sector and contribute to the formation of economic growth. The agency has high hopes especially with the start of operation of the Amulsar gold mine.

“We predict that economic growth will stabilize at around 5 percent in the medium term, as the impact of the shocks recorded in recent years on the supply side will gradually decrease. At the same time, the dynamically developing information and communication technology sector and the start of operation of the Amulsar gold mine will continue to contribute to growth,” Fitch noted.

At first glance, this may be an ordinary economic forecast, but in reality it is a direct assessment of the 8-year policy of Nikol Pashinyan’s governments regarding Amulsar. The program that was close to launch in 2018. After the revolution, it came under political intrigues and was conserved for years, bringing with it serious problems.

Read also

  • Don’t be fooled by the numbers
  • Fitch reaffirmed Armenia’s rating at “BB-” level. The IT sector and the launch of the Amulsar project will contribute to RA’s economic growth
  • Safety is a priority. Specialists of Lydian Armenia have been trained in the TapRooT®️ international methodology

The start of the project was initiated by the previous authorities of RA, creating all the conditions for its implementation. We are talking about an unprecedented initiative in the scope of investments, which was obstructed by the current authorities for years, thus, on the one hand, raising the price of its implementation and putting the state in front of financial problems, on the other hand, they delayed the economic and financial benefits that we should have received a long time ago.  

The current government inherited not a project in the initial stage, but an investment program worth hundreds of millions of dollars, the start of production of which was planned already in 2018. But the implementation of the project failed due to the efforts of the government. Of all the possible options, the worst was chosen: not making a decision. The issue of Amulsar gradually moved from the scientific and legal field to the field of political calculations. The authorities were trying not to antagonize environmental groups, bear the legal responsibility of closing the project and lose a large foreign investment at the same time. It was not possible to realize those three goals together. As a result, the government simply postponed the resolution of the issue.

But it was not without loss. Each passing month and year increased the cost of mine operation, aggravated the investor’s financial problems, delayed exports, tax revenues and job creation.

Already in 2019 Recently, “Lydian International” appeared in the process of insolvency. After the restructuring, the assets of the project came under the control of the creditors. One of Armenia’s largest foreign investments, which planned to start production in 2018, became a bankrupt company within a few years, facing international disputes and problems finding new financing. 2024 it became known that the “Amulsar Investor Ventures LLC v. Republic of Armenia” case is being examined in the international arbitration court, and the government, in order to protect the interests of the state, is forced to involve an American law firm, paying millions of dollars for its services.

 The turning point related to the operation of Amulsar took place only in 2023. at the beginning, when the government, the Eurasian Development Bank and Lydian Armenia signed an agreement to restart the program. According to it, the Armenian government should receive 12.5 percent of the company’s shares free of charge and take measures so that the project is implemented without obstacles, and the Eurasian Development Bank should provide a loan of up to 100 million dollars for the continuation of the project, in parallel with the funds involved by the company.

 2024 in January, the government accepted 12.5 percent of the shares of “Lydian Armenia”. In the official message, it was specially emphasized that the state receives the shares without making a monetary investment in the capital of the company and “without any obligation on the part of the government”. But 1 year later, within the framework of the “no-obligation” shareholding, the government provided “Lydian Armenia” with a budget guarantee of up to 150 million dollars, so that the company could attract credit funds.

Thus, after years of delay and political games, the government returned to the same starting point. Only this time its price was much higher. The mine remained the same, the gold reserves remained the same, the technological program remained the same, only the amount of risk falling on the state changed.

At the moment, preparations for the operation of the Amulsar mine are still ongoing. So far, it is not known when the operation will start. But as we can see, Fitch has assigned a serious place to Amulsar in the forecasts of Armenia’s economic growth. It can help improve the foreign trade balance, create jobs, pay taxes and royalties, and stimulate economic growth. However, all that does not mitigate the losses that the economy and the state budget suffered during 8 years due to the fault of the authorities. Not counting that this whole process related to Amulsar was a serious blow to Armenia’s investment confidence.

 Although after years of delay it was finally decided to restore the operation of the Amulsar mine, no one was held responsible for the losses and damages caused by the unnecessary disruption of the project.

HAKOB KOCHARYAN



—