Confirmed reserves at Amulsar mine amount to 73 tons of gold and 294 tons of silver

Armenian Minister of Economy Gevorg Papoyan visited the Amulsar mine on October 10 to review the mining program of Lydian Armenia, the Ministry of Economy said. The visit was also attended by Vayots Dzor Governor Vahagn Arsenyan, Deputy Minister Edgar Zakaryan, and Government representative in Lydian Armenia Gnel Sanosyan.

Total investments in the project will reach 750 million US dollars, of which  250 million are envisaged for completing construction and launching the operation of the mine. Minister Papoyan highlighted that the Amulsar project is one of Armenia’s largest investment initiatives, contributing to industrial development, job creation, and tax revenues.

The mine's confirmed reserves amount to 73 tons of gold and 294 tons of silver. The final product will be dore - an alloy of gold and silver. Over 1,000 jobs are expected to be created during the operation phase, while annual taxes and royalties are projected to exceed 120 million US dollars. The company will also allocate 7 million US dollars annually to the nearby Vayk, Sisian, and Jermuk communities.

 As of October 1, 1890 employees were involved in the Amulsar project.