There is no legal prohibition for exploiting the Amulsar mine, 'Lydian Armenia' company has all the necessary permits to resume operations, Minister of Economy Vahan Kerobyan said after the signing ceremony of the tripartite memorandum of understanding between the Armenian government, Eurasian Development Bank and "Lydian Armenia" company.
"The parties aim to invest $150 million under this contract and another 100 million dollars outside of this contract for the resumption of the Amulsar mine owned by the Lydian Armenia company. The money will be used to complete the construction works and purchase the necessary technical equipment. The government will receive 12.5 percent of Amulsar's shares and will not pay anything in return, but instead will insure certain risks of the transaction, also as a shareholder," Kerobyan said.
According to him, the affected communities will receive $7 million of support from the company every year.
"We have held long discussions related to the management of the company, negotiated with various investors and secured the highest quality investors. We have successfully completed this process, which is the beginning of practical work," Kerobyan emphasized.
The minister noted that ‘Lydian Armenia’ will create hundreds of jobs in the affected communities and will ensure significant economic growth and activity not only for the region, but also for the entire Republic of Armenia.
"It is estimated that Armenia's GDP will increase by 1 percent with the operation of the Amulsar mine. That is quite a high indicator. We have no right to refuse such opportunities," Kerobyan emphasized.
Referring to the environmental problems in the case of Amulsar mine operation, the minister noted that all studies have been carried out in accordance with the legislation of the Republic of Armenia, and the "Lydian Armenia" company currently has all the necessary permits to start the work.
"In other words, there is no legal barrier for the company to carry out its activities," concluded the minister.
