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 Tuesday, October 11 2016 15:55
Naira Badalian

Armenian President met with CEO of Lydian International Howard  Stevenson

Armenian President met with CEO of Lydian International Howard  Stevenson

ArmInfo. President Serzh Sargsyan, who is in the United States on a working visit, in the framework of the Investment Forum held a meeting with President and Chief Executive Officer of Lydian International Howard Stevenson, the  press-service of the Armenian President informs. 

At the meeting President Serzh Sargsyan and President and Chief  Executive Officer of Lydian International Howard Stevenson discussed  issues related to the current operations carried out by the Lydian  International - a leading company in the area of discovery and  development of natural resources, particularly to the works carried  out by the Company at the Amulsar mine and development programs. The  President of the Lydian International, which is the hundred percent  share holder of the Lydian Armenian, assured President Sargsyan that  the major mining project, which is carried out in full compliance  with the ecological requirements and international standards, will  promote the development of the communities and Armenia's economic  development in general and will have a positive impact on the  country's GNP. Howard Stevenson underscored that his Company through  its works is striving to prove that it is possible to develop mining  industry with the modern technologies, which can be beneficial for  all parties - the state, the private sector, and communities, and  that Armenia is a country open for foreign investments.

To note, as of today Amulsar project is the largest industrial  project in Armenia on developing gold deposit. In August this year  ground-breaking ceremony for Lydian Armenia's Amulsar project took  place, which envisaged launch of construction and field development.  Preliminary work has been conducted since 2006. The mine life of the  project is 10.4 year with the gold production averaging over 200,000  ounces per year (around 10 mln tons of ore). The Amulsar project  envisages creation of 1,300 jobs in the course of construction, which  will last for around 2 years and 650-700 jobs throughout the entire  operation of the mine. 

International investors IFC and EBRD are shareholders of the company.  The company's shares trade on the Toronto Stock Exchange. Amulsar is  the second largest deposit in Armenia in terms of the reserves.

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