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Armenia to decide on Amulsar next week

A May 2018 photo of the Amulsar mine project before road blocks started, halting access to the site.

A May 2018 photo of the Amulsar mine project before road blocks started, halting access to the site.

9th August 2019

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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The special investigative committee (SIC) in charge of investigating issues relating to the Amulsar mining project has received a final environmental audit report and will deliver its results to the government by early next week.

This is the third audit that Canada's Lydian International’s Amulsar gold project, which had been halted by protests, had to participate in.

Lydian provided more than 300 documents composed of more than 20 000 pages of information, and participated in extensive technical discussions during the audit over the past four months, the TSX-listed company said in a statement on Thursday.

The company noted that the head of the SIC had indicated that Lydian had answered all questions and that there was no likelihood of any need for additional time or clarifications for the audit to come to a final conclusion.

“Discussion during today’s Cabinet meeting around the timing for delivery of the final conclusions of the audit by the SIC indicated that the government of Armenia will be ready to come to a conclusion on the matter next week,” said Lydian, referring to a televised Cabinet session, chaired by Prime Minister Nikol Pashinyan.

The news bolstered Lydian’s stock, sending shares up 33% to C$0.12 apiece.

Amulsar will be a large-scale, low-cost operation with production targeted to average about 225 000 oz/y over an initial ten-year mine life. But illegal blockades have prevented access to Amulsar since late June last year. Despite court rulings in the mine’s favour, the police had not restored uninterrupted access to its mine site.

The company had notified the Armenia government of disputes relating to road access blockages.

Edited by Creamer Media Reporter

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