By Arshaluys Barseghyan
YEREVAN (OC-Media) — Operation of the contested Amulsar goldmine has been greenlit after Armenia’s government accepted a 12.5 percent share in the mines on Thursday.
The agreed project also notes that the Ministry of Economy will manage the share once the mines are operational.
The share was agreed upon when Lydian Armenia, the company operating the mines, Armenia’s Economy Ministry, and the Eurasian Development Bank (EDB) signed a memorandum of understanding in February 2023.
The government’s decision to accept the share from the company effectively greenlit the mines’ operation, despite years of protests by eco-activists and residents of communities adjacent to the mine.
At the time of the memorandum’s signing, EDB agreed to extend a loan of $100 million to Lydian Armenia for the construction and operation of the mines ‘in compliance with the best international mining practices and strict adherence to the applicable legislation of the Republic of Armenia, by promoting the local market and employment in affected communities’.