Lydian Armenia is pleased to announce the restart of construction activities at Amulsar. Active construction is already underway, with 10 contractor companies engaged in completing the key mine infrastructures.
The Company reaffirms its commitment to conducting the construction and operation of the mine in line with international best practices for environmental management and occupational health and safety, as it has done in the past.
The operation of the Amulsar mine will have significant importance for Armenia’s economic development, especially for the communities surrounding Amulsar. Specifically, given current international gold market prices, the Company expects to pay USD 100–120 million annually in taxes and royalties during the mine’s operation. The project is expected to create approximately 1,000 direct jobs and around 5,000 indirect jobs. Additionally, GDP is forecasted to increase by an additional 1%.
It should be recalled that Lydian Armenia made use of the “Law of the Republic of Armenia on Making Amendments and Additions to the Subsoil Code,” specifically Article 55.1, which provides for the extension of the subsoil use right in cases of force majeure, such as fires, floods, earthquakes, storms, or other natural disasters, explosions, war, terrorism, civil war, including civil disobedience.
The law was adopted in 2022, when the Amulsar project had been halted for about four years, as local residents and environmental activists opposing the mine had blocked the roads leading to Amulsar.
On July 6, 2022, Lydian Armenia CJSC submitted letter No. H/A-2022/25 to the Ministry of Territorial Administration and Infrastructure of Armenia, requesting an extension of the soil management right by 3 years, 5 months, and 20 days. The Ministry approved the Company’s request.
August 11, 2025 at 15:41