Lydian International received approval from the Republic of Armenia for amendments requested by the company to the mining right for its Amulsar gold project. This is a milestone event, reaffirming the Armenian government’s support for Lydian to begin development at Amulsar this summer. The duration of the mining right was also extended to align with the current project schedule.
The amended mining right was granted to Geoteam CJSC, Lydian’s wholly owned subsidiary, by the ministry of energy and natural resources of Armenia. The approval covers all project infrastructure, including the location for crushers, the conveyor and heap-leach facility; a mining permit applicable to all three pits; definition of the area within which operating activities may take place; and a mining agreement that outlines the nature and duration of mining operations.
“With the mining right in hand, we can move forward with confidence as we complete other pre-construction work and prepare for full-scale construction this summer,” said Howard Stevenson, president and CEO, Lydian International.
The Amulsar gold project, located in south-central Armenia, is expected to produce more than 200,000 ounces per year when it achieves full production.