Amulsar gold mine: Negotiations on financing continue, minister hopes for successful operations
2 minute read
YEREVAN, DECEMBER 12, ARMENPRESS. Discussions are underway with commercial banks in Armenia after the Eurasian Development Bank turned down a loan bid for exploitation of Amulsar gold mine, Minister of Economy Gevorg Papoyan has said.
Papoyan said he is unaware why the bank has rejected the crediting, but noted that the operators of the mine are in negotiations with commercial banks in Armenia.
“If these negotiations proceed successfully, the banks will finance the operators,” Papoyan told reporters when asked on the matter. “During the past years our banks amassed big capital, which gives them the opportunity to finance 150 million dollars. A few years ago, this would have been unimaginable, but now this is real and possible,” Papoyan said.
He said the government takes part in the process, given the big volume of financing.
“We ordered studies from a leading audit company, selected through a bid. Based on the results provided by them, as part of state-private sector cooperation, a relevant decision will be made,” the minister said, adding that the implementation of the project is realistic.
“I hope we will have an operational mine. Moreover, in case of a successful process of the project, it will be possible to start extraction in the beginning of the fourth quarter,” he said.