Wednesday, June 24 2015 10:06

Since 2007, Geoteam CJSC has invested $2.1 million in corporate social responsibility programs on the margins of the Amulsar project. The gold extraction in Amulsar has not yet started; however, Geoteam is already implementing its projects aimed at promoting education, sports, culture, infrastructure and agriculture in Gorayk, Jermuk, Saravan and Gndevaz communities adjacent to Amulsar. 

For instance, due to the cooperation of Geoteam and Wikimedia Armenia, teenagers from these communities will be attending a two-week Wikimedia camp in Aghveran, where they will be learning article writing for Wikipedia and Wiktionaries. Nara Ghazaryan, Social Projects Manager of Geoteam, says that Geoteam has invested about 1 mln AMD in this project. "Since 2007, we have been investing in implementation of various educational programs. This is one of our priority goals," she says. 
In Gorayk, the company is going to build co-operatives for dairy producers and to tend a broccoli garden in an area of 600 sq meters. The Sport and Peace School program is also organizing a 30-day camp for teenagers, who will enjoy interactive sports events. In Jermuk, Geoteam will renovate the fire station and will hold several cultural events.

As regards Saravan, Geoteam will rehabilitate the water supply system of the community.          

The company has allocated about $730,000 for infrastructure projects, $260,000 for development of agriculture and cattle breeding, as well as $44,000 and $122,000 for development of tourism and healthcare respectively. In addition, $630,000 has been provided for educational, sports and cultural programs. 
It should be noted that over the past few years more than $5 million has been invested in eco-social programs, ensuring detailed assessment of the potential risks for further neutralization and management, as well as an action plan meeting the best international standards. 

Geoteam CJSC is an Armenian mineral exploration and development company. Geoteam CJSC is a 100% owned subsidiary of Lydian International Limited. Geoteam CJSC, was incorporated in 2005 and after an extensive campaign of geological exploration in Armenia discovered what is now its flagship project; the Amulsar mountain.  Since 2006, the investments in exploration and other operations in Amulsar has amounted to nearly 70 million USD. Amulsar is a new gold discovery, the first for over 20 years in Armenia. Geoteam CJSC is carrying out geological exploration in the Amulsar area of RA Vayots Dzor Marz, under a Prospecting License, granted in 2006 by RA Ministry of Nature Protection.  The key shareholders of the Lydian are IFC, EBRD and Newmont Mining Corporation.  The feasibility study demonstrates Amulsar as a compelling opportunity for a large scale, low cost operation utilizing open pit mining and conventional heap leach processing. Highlights include:  total recoverable gold of 2.1 million ounces over a 10.4 year mine life; gold production averaging over 200,000 ounces per year; initial capital costs of $426 million; low all-in sustaining costs of $701 per ounce of gold; 84% gold recoveries and 2.8:1 strip ratio; accelerated after tax-cash flows to support early payback and project financing. The Amulsar project envisages creation of 1,500 jobs in the course of construction and 700 jobs throughout the entire operation of the mine within the next 10 years.