Armenia can receive up to $800 million for one decade from Amulsar gold mine commissioning

"If the one-ounce gold price remains unchanged at $1,500, then products worth up to $300 million will be exported from the Amulsar gold field every year, according to the most conservative calculations," he said.

The minister said that the government budget will get up to $500 million as taxes.
Besides, he said, Lydian Armenia will pay salaries totaling $100 million.

Khachatryan said that in addition to the jobs created by Lydian Armenia other jobs will be opened at related companies.

"If we summarize the taxes and salaries to be paid by Lydian with profits of the related companies, we can say that the state is estimated to gain $800 million for ten years," Khachartyan said in his televised interview.

In February, 2019 the Armenian government decided to allocate USD 396,900 from its reserve fund to Earth Link & Advanced Resources Development (ELARD) for carrying out a comprehensive expert examination of the Amulsar project. The mine's operation was ceased.

Lydian is a gold developer focused on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. However, illegal blockades have prevented access to Amulsar since late June 2018. Amulsar is expected to be a large-scale, low-cost operation with production targeted to average approximately 225,000 ounces annually over an initial 10-year mine life.

Estimated mineral resources contain 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces as outlined in the Q1 2017 Technical Report. Existing mineral resources beyond current reserves and open extensions provide opportunities to improve average annual production and extend the mine life. Lydian is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility. -0-