PEF: 100 Million $ Gift to Amulsar Gold Mining Project of Lydian International Company from Armenian Government

PEF: 100 Million $ Gift to Amulsar Gold Mining Project of Lydian International Company from Armenian Government

Panamanian  Environmental Front

 Lydian International Limited Company registered in offshore zone, British Jersey Island, published a press release, which says there is a possible significant reduction in operating costs of up to $100 million over the life of mine. It turns out this opportunity was granted by the Armenian government, which likes to make different gifts to mining companies.

Thus, on 10 March 2015 the government adopted a resolution, which made amendments to its decision N 51-Ն “On Establishing Technical Regulation for Safe Open Pit Mining” dated on 21 January 2010. These amendments refer to the maximum allowable ramp gradient for haul roads, which Clause 101 lays down 100% versus previous 70% and Clause 100 lays down 100% versus previous 90%.

The Government substantiates these amendments that reducing pit sizes will result in a decrease of barren rock volumes mined, reducing the associated environmental impact of production. Besides, the expenses of the mining companies will also be reduced, thus increasing profitability and tax revenues of the state.

 Years have proved that in reality the Armenian Government and the mining companies operating in Armenia are not interested in the safety of open pit mine, tax revenues of the state and moreover, damage caused to nature. What about the perspective of reducing expenses and increasing profitability, it’s really a good opportunity to attract new investments and to grab better the natural wealth belonging to our people.

Lydian International Company immediately made use of it and it’s clear that the main aim of this press release is to make this environmentally hazardous project more attractive for investors, as well as to record a positive shift in continuously falling share prices at Toronto stock exchange. It should be mentioned that the share price of Lydian International Limited Company reduced around 6 times in the recent four year and currently they cost $0.51 at share versus $3 in 2011.

17:12 May 08, 2015


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