On October 31, Armenia’s Minister of Economy, Gevorg Papoyan, announced the prospect of gold extraction at the Amulsar mine in the country’s south, suggesting a partial launch of production as early as next year.
Speaking with journalists at the National Assembly, the Minister detailed the current status of the development of Armenia's second-largest gold deposit. He noted that the project is in the process of securing investors, with part of the funding already arranged and negotiations underway to finalize the remaining financing.
“We hope to complete the financing process by the end of this year. There’s a strong chance we’ll begin extraction for at least one quarter next year, and if extended to two quarters, it could yield an even more substantial economic impact,” Papoyan remarked.
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.
