ArmInfo.In protest against the development of the Amulsar field, the residents of Jermuk will move by road to Yerevan. The event is scheduled for August 20; activists further plan to gather at the building of the State Philharmonic.
The total cost of the Amulsar project is $ 370 million. The life of the deposit is 10 years and 4 months, with an average annual production of 200 thousand ounces of gold planned. We add that Lydian Armenia is a subsidiary of the British offshore Lydian International. Environmentalists and ordinary citizens are concerned that the exploitation of the mine may lead to the pollution of the mineral underground waters of Jermuk and Lake Sevan. In addition to the water basin, the public is also concerned about the possible presence of uranium manifestations at the deposit. Environmentalists and activists demand that the positive conclusion on the EIA project be invalidated, since it was adopted with legislative violations, and the document itself contains problems and shortcomings.
Earlier, the European Bank for Reconstruction and Development (EBRD) announced today the completion of its participation in the project for the development of the Amulsar field. Earlier this year, Lydian International, a mining company that was in dire financial straits, announced restructuring and was delisted on the Toronto Stock Exchange. The European Bank for Reconstruction and Development initially took part in the capital of the offshore company Lydian International, registered on the island. Jersey, together with the International Finance Corporation (IFC), which withdrew from the project 2 years ago. The participation of these international donor partners allowed the offshore company to enter the Canadian exchange market and attract additional investment from institutional investors in the form of investment and pension funds. The main lenders today remain Orion Resource Partners, Osisko Mining and Resource Capital. Fidanka McGrath, an executive officer of the Bank, noted that the current events around the Amulsar mine bring significant reputational damage to the EBRD, even after the EBRD's stake in Lydian International is liquidated.