EcoLur
Amulsar open gold mining project is one of the most risky projects, where the European Bank for Reconstruction and Development has invested its money, as CEE Bankwatch Network Central Asia coordinator Alexi Pasyuk told the journalists in Warsaw at Bank's annual meeting. The project is implemented by Lydian International Company, while ЕBRD and IDC are shareholders to this company in the chartered capital 6.9% each (http://www.lydianinternational.co.uk/share-performance.htm).
The question on Amulsar risks was raised also at the meeting of NGOs with EBRD Board Chairman and President Suma Chakrabarti. The Bank categorized Amulsar project in Category B, whereas the project bears many risks threatening to strategic water resources, Lake Sevan, kechout and Spandaryan reservoirs, Arpa and Vorotan river basins, conservation of red-listed species, radiation security, and developing Jermuk resort zone.
The question whether the bank can be a shareholder to a project with such level of risks remains open.
'We think that projects are categorized depending on the extent of risks, and not the charter of the certain organization. If the charter of the EBRD bans to be a shareholder to a project with such level of risks, we shall refuse from shares and not to lower the category,' said EcoLur president at the meeting in Warsaw. It should also be noted that President Suma Chakrabarti said he had heard much about Amulsar project among diverse projects funded by the bank.
May 27, 2014 at 11:10