The Armenian Ministry of Finance is reviewing documentation submitted by Lydian Armenia to potentially provide state guarantees for a loan aimed at developing the Amulsar gold mine. This was announced by Finance Minister Vahe Hovhannisyan at a press conference on December 25.
According to the minister, after the company submitted the required documents, the ministry began a thorough review. "If the evaluation yields positive results, the state will provide these guarantees," Hovhannisyan stated, expressing hope for the process to conclude soon.
The minister emphasized the critical importance of launching the mine for the country’s economic growth in the coming years. He noted that the government’s economic growth forecasts already account for the operational start of the Amulsar mine, expected in the second half of next year.
Earlier, BMG reported that Minister of Economy Gevorg Papoyan confirmed ongoing negotiations with Armenian commercial banks after the Eurasian Development Bank (EDB) rejected an application to finance the Amulsar gold mine project. The project faces a funding shortfall of $150 million.
The Armenian government aims to begin construction in the first quarter of 2025 and start mining operations in the fourth quarter.
The Amulsar mine, located on the border of the Vayots Dzor and Syunik regions and operated by Lydian Armenia, has faced delays due to protests by environmentalists and local residents. According to the government, the successful restart of the project is expected to make a significant contribution to the country’s projected economic growth next year.
