YEREVAN, MAY 31, ARMENPRESS. Armenia’s minister of economic development and investments Suren Karayan visited the Amulsar project site and the nearby communities to review Lydian Armenia’s economic and social development programs, the ministry told ARMENPRESS.

The minister discussed the process, volume and schedule of the investment program with the company’s executives.

CEO of Lydian Armenia Hayk Aloyan briefed the minister and his delegation on the overall characteristics of the Amulsar project’s investment and economic impact.

According to the CEO, Amulsar is currently the largest international investment in Armenia.

Capital investments in the research and exploration phase amounted nearly 90 million dollars, while investments expenditures for acquisition of equipment and construction works for preparing the mine until completion will amount an additional 370 million dollars.

Currently over 570 employees are involved in the works, 280 being from nearby communities.

More than 1300 people will be employed during construction works.

700 permanent jobs will be created during the further 10 years of mining.

Aloyan mentioned that the first gold extraction will be carried out in spring 2018.

“We have committed to create an exemplary program and international investors are following this project. The investment reputation also depends on Lydian’s success. When the program succeeds, international investors will follow our example and will invest in Armenia”, Aloyan said.

The minister was also briefed on the details of Amulsar project’s nature preservation management.  Armen Stepanyan, senior manager of sustainable development, mentioned that Amulsar is the first mining project in Armenia to be carried out in line with the Nature Preservation and Social Impact Assessment IFC and EBRD standards – ensuring Amulsar’s design through modern nature preservation technologies and requirements.

Stepanyan said “nature preservation and social impact assessment regarding Amulsar project has been carried out in accordance to all international standards. All risk have been assessed, including those which are voiced by the nature preservation community and relevant actions were designed in a way that all residual effects are either non-existent or within acceptable limits”.

The minister also reviwed the new business programs in the nearby communities, which were initiated due to the projects, namely the Gndevaz sewing plant, and then Jermuk’s renovated arts school. The Lydian Armenia executives said that nearly 3 million dollars were invested since the launch of the project for social-economic development programs of nearby communities.

In his speech, the minister reaffirmed the government’s readiness to assist international investments, at the same time attaching importance for these investments to bring not only economic benefits, but also the best international experience, namely the best mining experience – by increasing the requirements for mining industry and introducing a new culture of corporate responsibility.

“In case of realization of the Amulsar investment project, its impact on Armenia’s economy will be significant: nearly 2% annual GDP growth. Lydian Armenia’s SME development programs in communities are also very important, for example the success story of the sewing plant in Gndevaz”, the minister said.

The minister will once again visit the Amulsar site after two months.