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EBRD DISCUSSES POSSIBILITY TO FINANCE DEVELOPMENT OF AMUSLAR GOLD DEPOSIT IN ARMENIA
arminfo
Thursday, July 12, 14:41
The European Bank for Reconstruction and Development (EBRD) has been
discussing the possibility of financing of the programme on development
of Amuslar gold deposit in Armenia, which will be implemented by CJSC
"Geoteam", the latter told ArmInfo correspondent.
EBRD will adopt a decision on financing after investigation of the
Bankable Feasibility Study (BFS) and ESIA. These two reports will be
published in July-August 2012. The ESIA will be implemented by the
international company Wardell-Armstrong International.
To fulfill the programme within the frames of Armenia's legislation,
it is also necessary to get assessment EIA, which "Geoteam" submitted
to Armenian Nature Protection Ministry for approval in February 2012.
In 120 days, foreseen by the law for approval or refusal of the
programme, the Ministry decided to delay the terms of its decision
for another 110 days. This caused bewilderment of the EBRD regional
representative.
Geoteam CJSC is an Armenian mineral exploration and development
company, specialising in discovering new mineral deposits in Armenia.
Geoteam CJSC is a 95% owned subsidiary of Lydian International
Limited. Geoteam CJSC was incorporated in 2005 and after an extensive
campaign of geological exploration in Armenia discovered what is now
its flagship project; the Amulsar mountain. Amulsar is a brand new
gold discovery, the first for over 20 years in Armenia. It is located
along a high ridge top between the Vayots Dzor and Syunik provinces.
Lydian International is a mineral exploration and development company
with expertise in discovering and developing new gold projects in
unfamiliar and frontier settings. Amulsar in Armenia was a new
Lydian discovery in 2006 and currently hosts a Gold resource of
2.1M Oz at 1.0 g/t in Indicated and 1.1M Oz at 0.9 g/t in Inferred
category. It is still open in all directions, including depth and is
being advanced towards Bankable Feasibility due in Q2 2012 with full
production planned in 2014. With a strong social agenda and unique
understanding of the complex political backdrop to this region,
Lydian develops its projects responsibly with exceptional emphasis
on social and environmental awareness and care. The company minimizes
environmental impact and engages local communities in order to deliver
sustainable social development initiatives.
Lydian's major shareholders are the International Finance Corporation,
part of the World Bank Group, and The European Bank for Reconstruction
and Development. Both these entities provide influential in-country
support and valuable advice to manage environmental, social and
governance risks.
arminfo
Thursday, July 12, 14:41
The European Bank for Reconstruction and Development (EBRD) has been
discussing the possibility of financing of the programme on development
of Amuslar gold deposit in Armenia, which will be implemented by CJSC
"Geoteam", the latter told ArmInfo correspondent.
EBRD will adopt a decision on financing after investigation of the
Bankable Feasibility Study (BFS) and ESIA. These two reports will be
published in July-August 2012. The ESIA will be implemented by the
international company Wardell-Armstrong International.
To fulfill the programme within the frames of Armenia's legislation,
it is also necessary to get assessment EIA, which "Geoteam" submitted
to Armenian Nature Protection Ministry for approval in February 2012.
In 120 days, foreseen by the law for approval or refusal of the
programme, the Ministry decided to delay the terms of its decision
for another 110 days. This caused bewilderment of the EBRD regional
representative.
Geoteam CJSC is an Armenian mineral exploration and development
company, specialising in discovering new mineral deposits in Armenia.
Geoteam CJSC is a 95% owned subsidiary of Lydian International
Limited. Geoteam CJSC was incorporated in 2005 and after an extensive
campaign of geological exploration in Armenia discovered what is now
its flagship project; the Amulsar mountain. Amulsar is a brand new
gold discovery, the first for over 20 years in Armenia. It is located
along a high ridge top between the Vayots Dzor and Syunik provinces.
Lydian International is a mineral exploration and development company
with expertise in discovering and developing new gold projects in
unfamiliar and frontier settings. Amulsar in Armenia was a new
Lydian discovery in 2006 and currently hosts a Gold resource of
2.1M Oz at 1.0 g/t in Indicated and 1.1M Oz at 0.9 g/t in Inferred
category. It is still open in all directions, including depth and is
being advanced towards Bankable Feasibility due in Q2 2012 with full
production planned in 2014. With a strong social agenda and unique
understanding of the complex political backdrop to this region,
Lydian develops its projects responsibly with exceptional emphasis
on social and environmental awareness and care. The company minimizes
environmental impact and engages local communities in order to deliver
sustainable social development initiatives.
Lydian's major shareholders are the International Finance Corporation,
part of the World Bank Group, and The European Bank for Reconstruction
and Development. Both these entities provide influential in-country
support and valuable advice to manage environmental, social and
governance risks.