Armenia’s Minister of Economy, Gevorg Papoyan, stated that an additional $150 million is needed from local banks, with potential state support, to initiate operations at the Amulsar gold mine.
During the discussion of the 2025 state budget on November 5 in parliament, Minister Papoyan shared that $100 million of the required $250 million for launching the Amulsar mine has already been secured. The remaining $150 million is expected to be raised through Armenian banks, with some level of governmental backing.
“The Ministry of Economy has commissioned an audit, the results of which will help determine whether we should participate in this project, or if Amulsar should seek alternative funding sources, potentially without Armenia’s involvement,” the minister noted.
According to Papoyan, the government anticipated beginning mining operations in the fourth quarter, which would allow for a projected industrial output growth of 5.3% next year, compared to 3.7% in the current year.
The Amulsar deposit, managed by Lydian Armenia (a subsidiary of the international firm Lydian International), is located on the border of Armenia’s Vayots Dzor and Syunik provinces, in the northwestern Zangezur range. According to the Minister, the project is anticipated to improve the country’s economic performance projections for the upcoming year.
In June 2023, leaders of Lydian Armenia and Ulyde Gold Corp met with Armenia’s Deputy Prime Minister Mher Grigoryan to affirm their intent to jointly implement the Amulsar project.
In January of this year, the Armenian government acquired a 12.5% stake in Lydian Armenia. The project aims to attract a total investment of $250 million.
