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Amulsar gold: Armenian government will receive a stake in the mine - media

Caucasus (, - The Armenian government will receive part of the Lydian Armenia shares as a result of an agreement to resume the development of the Amulsar field in the east of the republic, local media reported today, February 22, citing their sources.

According to them, the Armenian government will receive 12.5% of the authorized capital of the said company free of charge.

The Amulsar gold deposit will be exploited, Armenian Economy Minister Vagan Kerobyan said earlier this Wednesday. According to him, today the country's government will sign an investment package worth $250 million with Lydian Armenia, VERELQ information and analytical portal reports.

“We are talking about Amulsar. Today we will sign a package for 250 million dollars, which will allow the resumption of the work of another field, the obligations for which have long been in place, ”the minister announced at a meeting of the standing parliamentary commission on economic issues.

The Ministry of Economy will issue a separate statement on this matter, Kerobyan announced.

The vast majority of representatives of the current government before the "velvet revolution" in 2018 were against the operation of "Amulsar", actively participated in protests under environmental slogans, the newspaper notes.

Earlier it became known that in September 2021, the state received a 15% stake in the Zangezur Copper-Molybdenum Combine (ZMMK) from GeoPromining. In March 2022, another 6.875% of the shares of this largest manufacturing enterprise in the Transcaucasian Republic were received as a gift.

The Amulsar mine is the second in terms of gold reserves in Armenia. It is located on the administrative border of Vayots Dzor and Syunik regions, about 10 km from the resort town of Jermuk. Following a change of government in 2018, the government demanded a review of mining permits at the mine. The company carried out two rechecks at its own expense, the third one was financed by the government on its own. The audits showed that the risks remain manageable, but the company never received a mining permit at that time.

Lydian Armenia is a subsidiary of Lydian Canada Ventures Corporation, owned by a number of foreign shareholders.

Amulsar gold: Armenian government will receive a stake in the mine - media