The gold mining project at the Amulsar deposit, one of the largest in Armenia, is set to commence operations in the fall of 2025. This announcement was made by Armenia's Minister of Economy, Gevorg Papoyan, during a press conference on January 13.
In late December 2024, the government acquired a 12.5% stake in the project, which will see total investments exceeding $750 million. An independent audit confirmed the project’s economic feasibility and attractiveness.
According to the minister, $500 million has already been invested in developing the deposit. An additional $250 million is needed to complete the project, with $100 million provided by the operator, Lydian Armenia, and the rest secured from financial institutions.
Hayk Aloyan, the head of Lydian Armenia, previously noted that most of the preparatory work has been completed. Once fully operational, the mine is expected to produce approximately 210,000 ounces of gold annually. At current global prices, this would generate $500 million in annual revenue, of which $120 million would flow into the state budget as taxes.
“Construction will begin in the spring, and we aim to start extraction in the fall. This will provide a significant boost to our economy and industry,” Minister Papoyan emphasized.
The Amulsar deposit, located on the border of the Vayots Dzor and Syunik regions and managed by Lydian Armenia, faced prolonged delays due to protests by environmentalists and local residents. According to government projections, the successful relaunch of the project is expected to make a substantial contribution to the country’s forecasted economic growth next year.
