Armenia grabs 12.5% stake in controversial Amulsar gold mine, authorizes resumption of operations
The company is also expected to pay $7 million a year in financial assistance to communities in the Amulsar region during the construction period. in Armenia, as it sits above a tunnel that supplies water to Lake Sevan, the largest freshwater lake in the whole Caucasus region.
Despite positive results from the study, and the company’s intention to bring the case to international arbitrage, Lydian International finally gave up. The Eurasian Development Bank plans to extend a loan of up to $100 million in addition to $150 million mobilized by Lydian. The lender’s help will finance the completion of construction, which is scheduled to resume this year.
“Today’s climate, in which more and more miners are embracing the challenges and opportunities of [environmental, social, and governance – ESG], makes it more realistic to expect that the Amulsar project will, indeed, move into production,” he said.
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