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Gagik Aghbalyan

AmeriaBank Avoids Commenting on $24 Million Loan to Lydian Armenia

AmericaBank General Director Artak Hanesyan has yet to respond to a December 2 Hetq written inquiry regarding the bank’s decision to loan US$24 million to Lydian Armenia, a company planning to operate a controversial gold mine at Amulsar.

The secured credit facility will be used for equipment purchases at the Amulsar operation. Construction at Amulsar started in October 2016; first gold production is expected during the first quarter of 2018.

Hetq wanted to know why the bank decided to grant the credit facility, and if this means that it doesn’t agree with many civil organizations that the mine would spell disaster for the local environment.

According to the website of Lydian International, the parent company of Lydian Armenia, “The Ameriabank Facility is available in multiple tranches; an initial advance of US$10 million is expected to be drawn as early as December 2016. Each tranche will be repayable over a 10-year period from the date of advance, including an initial principal grace period of one year. The Facility bears an interest at Libor plus 8.75%.”

On December 13, in response to several Hetq telephone calls, AmeriaBank’s public relations and marketing unit promised to get back to us by day’s end.

Today, the head of the bank’s outreach unit, Elmira Adamyan, told Hetq by phone that no comments would be forthcoming.

AmeriaBank Corporate Banking Director Gagik Sahakyan, said that the bank was happy to assist such a promising mining project in Armenia that will be a great boost to the economy.

Photo: prodeco.am 

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