The process of transferring 12.5% of shares in "Lydian Armenia," the operator of the Amulsar gold mine, as a gift to the Armenian government has been postponed once again. This marks the third delay in signing the agreement between the government and the company.
Initially, the share transfer was scheduled to be completed by March 22, 2024. After this date passed, the government set a new deadline of September 1. However, during the Cabinet meeting on August 29, it was announced that the signing of the agreement has been postponed again—this time to November 1.
As before, the official reason for the delay is cited as technical difficulties. The government's explanatory note states that "Lydian Resources Armenia Limited" and its shareholders are in the final stage of negotiations with a third party. These negotiations involve corporate restructuring and financing for the resumption of operations at the Amulsar mine.
It's worth recalling that in February 2023, a memorandum of understanding was signed between the Eurasian Development Bank, the Armenian Ministry of Economy, and "Lydian Armenia." According to this document, the Eurasian Development Bank committed to providing the company with a $100 million loan to restart its activities. In return, "Lydian Armenia" was to transfer 12.5% of its shares as a gift to the Armenian government.
Earlier, BMG reported that the start of operations at the Amulsar gold mine in Armenia is planned for late 2024 or early 2025.
The Amulsar deposit is Armenia's second biggest gold deposit by volume, after the Sotk mine. located 170 kilometers south of Yerevan, near the borders of the Vayots Dzor and Syunik provinces. The deposit was discovered in 2006, and its development is managed by "Lydian Armenia," a subsidiary of the British company "Lydian International." According to the company, the proven gold reserves at the Amulsar mine are estimated at 2.6 million ounces (approximately 81 tons). The project has been the subject of controversy and protests due to environmental concerns, but it remains a cornerstone of Armenia's gold mining industry.
