ArmInfo. Armenia's mining industry has high development potential. This was stated by Hayk Aloyan, Executive Director of Lidian Armenia, during a briefing with journalists on October 16 on the sidelines of the Mining Armenia Forum.
In particular, he emphasized Armenia's potential for exploring critical minerals and identifying gold and copper deposits. "And to achieve this, it is necessary to attract investment and implement planned projects," said Lidian Armenia Executive Director.
Evaluating the forum, Aloyan noted that interest from international companies, consultants, and specialists is growing year after year. He noted that the event is a good platform for exchanging experiences, discussing problems, and developing strategies between industry companies, the government, and community representatives.
It is worth noting that the Amulsar mine was launched on October 10. Pashinyan, launching the work, stated that the Amulsar gold mine will produce about 210,000 ounces of gold per year. It is noted that as a result of the mine's operation, the annual taxes and royalties paid by Lydian Armenia to the state budget will amount to about $130 million, which will have a positive impact on Armenia's GDP of 1.5-2%. The Amulsar project is expected to provide more than 4,000 direct and indirect jobs. According to the community development agreement signed between the government, Lydian Armenia and the communities of Jermuk, Vayk and Sisian, it is planned to allocate $7-9 million annually for socio-economic development programs in the communities throughout the entire period of the mine's operation. The project is being implemented within the framework of strategic cooperation between Lydian Armenia and the Armenian government. The company invested approximately $750 million in the project, $150 million of which was secured by a state guarantee issued by the Armenian government. Environmentalists criticized the Armenian authorities' decision, emphasizing that the mine's operations would cause irreparable damage to the Jermuk resort and Lake Sevan.
