EcoLur
Geoteam Company in charge of gold mine development responded to the increasing protest of environmentalists and circulated a statement signed by Director Hayk Aloyan, which says, “...Geoteam Company is an Armenian company, which is 100% owned by Lydian International Company and it works under the Armenian legislation. While Lydian International Company is a public company and its shares are owned by the investors from different countries. Everybody can obtain its shares in Toronto stock exchange where the company is listed. Its head office is located in Great Britain. Amulsar project is an international project in Armenia, which had been submitted to influential financial institutions and banks and some made investments into this field for the first time in the history of Armenia. Lydian International made efforts to direct investments into Armenia. There are other countries attractive for mining industry such as Australia, Canada, Russia, Brazil etc. We think that investments into Armenia will make great success. In case of project success investments in other fields will also increase. Trust is the capital which is very hard to obtain, especially in the course of economic recession. We are happy that we obtained investors’ trust. Today the company faces challenges without getting any profit from Amulsar, as its development is planned for 2015. But starting from 2007 over 50 million USD has been invested into the project ensuring highly-paid salary, economic activity and significant social progress. Geoteam Company ensures 160 working places in neighboring villages, has highly qualified Armenian specialists, geologists, engineers, mappers and environmentalists. Armenia benefits from such a project more financially than primary investments. When the project gets the first income, the company will get 24% from selling each ounce of gold. The state budget will get almost the same - 22%. The remaining 54% is designed for capital and executive expenses, a part will be spent for salaries, construction etc.
What about environment: the environmental management of the project is carried out in line with high international standards and best international practice. The company invested unprecedented resources, time and efforts before the launch of the geoprospecting to guarantee that the assessment of environmental and social consequences will be carried out in the best and most effective manner. This demand is posed not only by main shareholders, International Finance Corporation and the European Bank for Reconstruction and Development, but also the preparedness of our projects. The company employs a team which has many-year track record in such countries such as the USA, Australia, Canada, Spain etc.
Armenia may have significant investments in mining industry, which is well managed in environmental terms and has opportunities for sustainable development, which will be beneficial both for the country and nation, contemporary technologies, which will ensure better environmental management in mining projects. Lat week Australia, which is considered to be one of the leading mining countries, was recognized as a leader in “Best Life” for the third time.
This proves that well-manages industry may introduce significant contribution into developing economy, nature protection, as well as to provide proper decision. Amulsar is of that kind.”
May 31, 2013 at 12:37