Thursday, November 6 2014

 Lydian International Ltd and its Armenian subsidiary Geoteam yesterday took part in a roundtable meeting organized within range of discussions on development of Local environmental action planned for Jermuk hosted by the Regional Environmental Centre for Caucasus (REC Caucasus) in Yerevan alongside representatives from a diverse range of civil society organisations and scientific and research institutes. 

According to Geoteam, it was a constructive conversation which gave participants the opportunity to discuss environmental and social considerations associated with the development of the Amulsar mine.   The discussion formed part of the rigorous Environmental and Social Impact Assessment (ESIA) process for the Amulsar Project undertaken by the company together with its major investors, the International Finance Corporation (IFC) of the World Bank Group and the European Bank for Reconstruction and Development (EBRD). Lydian and Geoteam are committed to following the highest international and environmental standards in accordance with the practice of these organisations; the Company has spent around US $5 million on a comprehensive scientific environmental research and socio-economic assessment with the help of world-class specialists. As part of this commitment, the company places great importance on ensuring that local communities and civil society help shape this project while being kept well informed on its design and impact assessment.  

The event was organised to give all participants the opportunity to engage in a frank, open and broad conversation. All NGOs who have been involved in the process were invited and the event was open to all civil society groups. Lydian plans to organize additional similar events.  Didier Fohlen, Executive Vice President of Lydian International, said: "We at Lydian are grateful for the input from those who participated in today's discussion and, we continue to welcome every opportunity for open and constructive dialogue. We are committed to ensuring that Amulsar will raise the bar for environmental management in the mining industry in Armenia. We hope that an open and transparent discussion around the impact assessment and the mitigation measures included in the ESIA will help to establish a roadmap for civil society engagement with mining companies.  The successful development of the Amulsar project offers a major opportunity to Armenia. The $420 million financing required will be one of the largest private investments ever made in the country, helping to enhance the economic development of Armenia."