On August 19, Lydian International Ltd at the official ceremony laid the first stone in the construction of the Amulsar gold mining project in Armenia, the Company reported. "Our priorities for the remaining segment of 2016 are extensive earthworks for the heap leach area, construction of access roads and platforms", said President and CEO Howard Stevenson. Upon completion of construction, Amulsar will be the largest gold mine in Armenia with an annual production of 234 thousand ounces of gold in the first five years. In the first ten years of operation the cost of gold production will amount in average 509 USD / ounce. Construction of the project is estimated at $ 370 million. Amulsar gold deposit is located in the south-east of Armenia, between the rivers Arpa and Vorotan, on the Amulsar Mountain. Proved and probable reserves are 2.42 million ounces of gold (75.26 tons) and 11.29 million ounces (351 tons) of silver. Measured and estimated resources are amounted to 3.03 million ounces of gold, inferred ones – 2.01 million ounces. Lydian International Ltd is engaged in exploration and production of gold, the largest shareholders of the Company are EBRD and IFC.
Source: Uncommercial joint ownership "Trans-regional Association of precious metals producers"