The Government of Armenia, the EDB and Lydian Armenia to restart the Amulsar gold mine project

22 February 2023

Yerevan, 22 February 2023. The Government of Armenia, the Eurasian Development Bank (EDB) and Lydian Armenia have expressed their willingness to restart and implement the Amulsar gold mine project. A trilateral protocol was signed following a meeting between Vahan Kerobyan, Minister of Economy of Armenia; Armen Melkikyan, EDB Country Director for Armenia; Jeffrey Coach, Member of the Board of Directors at Lydian Armenia; and Hayk Aloyan, CEO of Lydian Armenia.

According to the protocol, the Government of Armenia will partner with Lydian Armenia in implementing the Amulsar project and receive 12.5% of the company’s authorised capital free of charge. Lydian, in turn, will pay US $7 million a year in financial assistance to communities in the Amulsar region during the construction period. The company will continue construction and develop the deposit in accordance with the best international mining practices and in compliance with the current laws of Armenia. It will also promote local employment.

The Government of Armenia has undertaken to take all possible and lawful measures to make sure the project is implemented without hindrances and will provide guarantees against force majeure as agreed by the parties.

The EDB intends to extend a loan of up to US $100 million in addition to US 150 million mobilised by Lydian. The Bank’s loan will finance the completion of construction which is scheduled to resume this year.

“The EDB is paying special attention to projects in Armenia in this strategy period. Over the past year, we have managed to boost our portfolio in important sectors such as agriculture, energy and industry. Today, by starting cooperation with Lydian Armenia, we expect to implement a project that meets high environmental standards, has a positive impact on the economy and creates employment opportunities,” said EDB Management Board member.

“I would like to thank the Government of Armenia, our new partners and the Eurasian Development Bank for their assistance with the Amulsar project. Armenia’s economic benefits from the Amulsar deposit will be significant,” said Jeffrey Coach, stressing the importance of the protocol.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution investing in Eurasia. For 17 years, the Bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.

The EDB Media Centre:

Aigerim Akhanova, +77013283898 (Almaty)

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