"Zhoghovurd" daily writes:
"According to the data published by the RA Government and "Lidian Armenia" company in previous months, the Amulsar mine project was planned to start this year. According to the document, construction work was to start in the first quarter of 2025, and ore extraction in the fourth quarter.
The "Zhoghovurd" daily newspaper sent an extensive inquiry to the RA Ministry of Economy to understand whether the construction phase has been completed, and if so, at what stage is the ore extraction process at present. "If the extraction has already started: - what volumes were recorded? - what is the main indicator of production (tons of ore, ounces of gold or silver, etc.)
It was mentioned that the Armenian commercial banks can provide the 150 million US dollars needed for the implementation of the project. Have the loan agreements been signed? - which banks are involved and to what extent, - how does the Government dispose of the 12.5% share it received, - have profits or dividends already been recorded from that share? - which state institution is responsible for the management of that share?
What revenues or tax receipts have already been actually entered into the state budget during 2025 within the framework of the Amulsar project? - how is the implementation process of social agreements signed with local communities evaluated, - what amounts were allocated to the communities of Vayots Dzor and Syunik? - what are the upcoming stages of the program for 2026?" We received the following in response to the request. "Construction works are currently being carried out in the Amulsar mine, which is planned to be completed in 2026. The operation of the mine will only begin after the completion of the construction. At the same time, we inform you that on February 27, 2025, the government approved Resolution 220-A "On Providing a Budget Guarantee", according to which it was decided to provide a budget guarantee in the amount of up to 150,000,000 USD to the closed joint-stock company "Lidian Armenia" in order to attract credit funds from the banking system operating in the Republic of Armenia with a repayment period of up to five years, with a nominal interest rate of up to 9 percent. (guarantees), on which the loan agreement has already been concluded. The closed joint stock company "Lydian Armenia" already received the first tranche of 44,000,000 USD in July.
We also consider it necessary to mention that according to the RA Government's decision N 81-A of January 18, 2024, the Republic of Armenia accepted as a donation from the joint-stock company "Lidian Resources Armenia Limited" 100 percent of the ordinary shares of the closed joint-stock company "Lidian Armenia" owned by the company with a nominal value of 5,000 drams, equivalent to 12.5% interest: 12503 the total number of shares, and entrust the authority of their management to the Ministry of Economy of the Republic of Armenia. the Ministry of Economy manages the above-mentioned shares in accordance with RA legislation.
As for the other questions, we inform you that the RA Ministry of Economy does not have this information, so we suggest you contact the closed joint-stock company "Lidian Armenia", the answer says. Let's record that the Ministry of Economy has already failed in terms of deadlines, and the operation of the mine is still behind the mountains.
This is another sectoral failure by the Minister of Economics, Gevorg Papoyan. everywhere and always they say: Amulsar will be opened soon, it will be exploited, the country will flourish, but the construction works have not been completed even as planned. By the way, Gnel Sanosyan has already been appointed to a position in Amulsar with a high salary, but the mine operates only on paper."
Details in today's issue of "Zhoghovurd" daily.
