YEREVAN. /ARKA/. On October 10, Armenian Minister of Economy Gevorg Papoyan visited the Amulsar gold mine to assess Lydian Armenia’s mining project. The total investment in this initiative is projected to be $750 million, with $250 million specifically designated for the completion of construction and the commencement of mining operations, as reported by the Ministry of Economy’s press service. Accompanied by Lydian Armenia Director Hayk Aloyan, the minister inspected the residential complex intended for 960 individuals and was informed about the living conditions of the employees. He also evaluated the extensive infrastructure and construction activities at the Amulsar mine, which involves more than 10 companies. “The Amulsar project represents one of the most significant investment endeavors in our nation. It not only promotes industrial growth but also creates new employment opportunities and generates substantial tax income for the state budget,” the minister remarked. The mine’s verified reserves consist of 73 tons of gold and 294 tons of silver. The final output will be “dore”—a gold-silver alloy. Given the current market prices for gold, the annual taxes and royalties during the production phase of the mine are expected to surpass $120 million. As of October 1, the Amulsar project had employed 890 individuals. More than 1,000 jobs are anticipated to be created throughout the mine’s production phase.
