Canadian miner Lydian to invest $480 million in Armenia gold project

January 10, 2016 1673 0


Canadian miner Lydian to invest $480 million in Armenia gold project –

YEREVAN (Reuters) – Canadian miner Lydian International plans to invest up to $480 million in development of its Amulsar gold project in Armenia.

Lydian International, a gold-focused mineral development company, operates in Armenia through its local subsidiary Geoteam CJSC, which obtained mining right for the Amulsar gold project in 2014.

Construction works at the mine are expected to start in the spring of 2016 and due to be completed within two years.

Geoteam CJSC raised $325 million from the Orion Mine Finance and Resource Capital Fund VI L.P, a mining-focused private equity firm, and is seeking further funds from the International Financial Corporation and the European Bank for Reconstruction and Development.

The Amulsar project located in southern Armenia has estimated gold reserves totaling 1.8 million ounces.

 

 


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