Geoteam
International Finance Corporation team (“IFC” part of the World Bank Group) visited Armenia and Amulsar area from September 28 – to October 1, as part of its annual supervisory visit. IFC is a 7.9 % shareholder of Lydian. The Amulsar gold project, which is being developed by Geoteam CJSC, Lydian’s subsidiary in Armenia, is aiming to become the first mining project in Armenia to be developed and implemented in compliance with IFC performance standards.
The visiting IFC’s supervisory team was comprised of IFC specialists on mining engineering, financing, environmental and social management. While at Amulsar, the team visited the nearby communities of Gndevaz and Jermuk, held meetings with community members, and familiarized themselves with the ongoing social development projects being implemented by Geoteam. The team also visited the Amulsar project site, where they were shown the proposed mine layout and exploration rehabilitation activities.
Howard Stevenson, CEO and President of Lydian International said: “The annual visit is an opportunity for the company to demonstrate progress made in all areas as we move toward construction of the project. For example, this year we disclosed the Environmental and Social Impact Assessment and conducted public consultations meetings as part of our commitment to developing Amulsar in line with IFC Performance Standards. We are also nearing conclusion of a value engineering program and were able to outline key improvements to the design. We are committed to developing the Amulsar project in line with IFC environmental and social standards and turning this project into an exemplary mine in Armenia”.
Robin Weisman, Principal Investment Officer, IFC said: “On behalf of the IFC team, we are all very pleased to see Geoteam’s dedication as demonstrated by its substantial environmental and social advancements. Once developed, Amulsar, will be an excellent example of sustainable mining and a development opportunity for Armenia”.
October 12, 2015 at 11:39