On November 27, Lydian International Ltd. announced that it had been issued a comprehensive mining right approval by the Armenian government for the Amulsar Gold Project.

Lydian owns 100% of the Amulsar Gold Project, located in Southern Armenia and aims to produce 200,000 ounces of gold per year on average.

The mining right was granted to Geoteam CJSC, Lydian’s 100% owned subsidiary, by the Ministry of Energy and Natural Resources of Armenia.

Although the company has received various permits in the past, this is the first time that the Company will have a Mining Right and EIA (environmental impact assessment) aligned with the underlying assumptions of its feasibility study and pending ESIA. 

Regarding the approval, Howard Stevenson, President and CEO of Lydian, said: “The previous EIA and TSP approvals, and now this most recent approval of the Mining Right, were the subjects of intensive and thorough interaction with the Armenian authorities, local communities, members of civil society, and others. Lydian intends that Amulsar will become an exemplary mining and investment project in Armenia, beneficial both for the country and for our investors. Lydian is committed to implementing best international practices at Amulsar by complying with IFC and the EBRD environmental and social standards throughout the project’s duration.”