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INTERNATIONAL INVESTMENT COMPANIES ARE READY TO INVEST IN AMULSAR DEPOSIT IN ARMENIA
by Erik Abrahamyan
http://www.arminfo.am/index.cfm?objectid=97948080-F0A8-11E2-A3820EB7C0D21663
Friday, July 19, 23:22
On the invitation of Geoteam CJSC, several international banks and
investment organizations have visited the Amulsar deposit in Armenia
to familiarize themselves with the project and make a decision on
investments. During his visit to the deposit, Terence S. Ortslan,
representative of TSO & Associates (Canada) told journalists that the
company has already invested in the Amulsar project and would continue
involving new investors to increase the investments to 12 mln USD,
or 5% of the project cost (250 mln USD for the construction period).
The representatives of BNP Paribas, in turn, said that the Bank would
consider possible lending to the project. They think that before
investing in the project, one should thoroughly study the project and
in case of positive results the Bank will be ready to cooperate. BNP
Paribas' loans for such projects range from 10 mln USD to 50 mln USD.
The implementation of the Amulsar project will allow creating over 500
new jobs and will replenish the Armenian budget due to the taxes and
royalty, Managing Director of Geoteam CJSC, Dr. Hayk Aloyan said. He
added that Geoteam is going to invest 400 thsd USD in social programs
in 2013. Over the past few years nearly 500 thsd USD was invested in
social projects to contribute to socio-economic development of the
communities adjacent to the deposit.
The company has already implemented a number of social projects. In
particular, a library, computer and chess rooms, as well as a
conference hall have been built in Gorayk village. A gas pipeline
has been laid in Saravan village, the situation with irrigation and
garbage disposal has been improved. In addition, the kindergarten in
Gndevaz village has been renovated.
The company's social programs have covered the healthcare field as
well. Nearly 765 residents of the specified villages can undergo
proper medical examination on the spot as well as in Yerevan. Geoteam
stimulates development of sports. Each village has a football team
and the children have an opportunity to spend their holidays in
summer camps.
Geoteam has also helped the villagers to develop agriculture. Due
to the advanced technologies of beans and potatoes cultivation,
the crops have considerably grown.
The company points out that the migration in the villages has dropped
due to the company's participation in the communities' lives, creation
of jobs and improvement of the social conditions. Geoteam CJSC has
placed 15 people in job.
To note, Geoteam CJSC is an Armenian mineral exploration company,
100% owned subsidiary of Lydian International Limited. Geoteam's
flagship project is the Amulsar gold deposit which is a new gold
discovery located along a high ridge top between the Vayots Dzor and
Syunik provinces. In 2009 the EBRD became a shareholder of Lydian
International and on March 21 2012 the EBRD increased its share in
the capital to 6.80%. The IFC owns 10.23% of the shares. -n-
by Erik Abrahamyan
http://www.arminfo.am/index.cfm?objectid=97948080-F0A8-11E2-A3820EB7C0D21663
Friday, July 19, 23:22
On the invitation of Geoteam CJSC, several international banks and
investment organizations have visited the Amulsar deposit in Armenia
to familiarize themselves with the project and make a decision on
investments. During his visit to the deposit, Terence S. Ortslan,
representative of TSO & Associates (Canada) told journalists that the
company has already invested in the Amulsar project and would continue
involving new investors to increase the investments to 12 mln USD,
or 5% of the project cost (250 mln USD for the construction period).
The representatives of BNP Paribas, in turn, said that the Bank would
consider possible lending to the project. They think that before
investing in the project, one should thoroughly study the project and
in case of positive results the Bank will be ready to cooperate. BNP
Paribas' loans for such projects range from 10 mln USD to 50 mln USD.
The implementation of the Amulsar project will allow creating over 500
new jobs and will replenish the Armenian budget due to the taxes and
royalty, Managing Director of Geoteam CJSC, Dr. Hayk Aloyan said. He
added that Geoteam is going to invest 400 thsd USD in social programs
in 2013. Over the past few years nearly 500 thsd USD was invested in
social projects to contribute to socio-economic development of the
communities adjacent to the deposit.
The company has already implemented a number of social projects. In
particular, a library, computer and chess rooms, as well as a
conference hall have been built in Gorayk village. A gas pipeline
has been laid in Saravan village, the situation with irrigation and
garbage disposal has been improved. In addition, the kindergarten in
Gndevaz village has been renovated.
The company's social programs have covered the healthcare field as
well. Nearly 765 residents of the specified villages can undergo
proper medical examination on the spot as well as in Yerevan. Geoteam
stimulates development of sports. Each village has a football team
and the children have an opportunity to spend their holidays in
summer camps.
Geoteam has also helped the villagers to develop agriculture. Due
to the advanced technologies of beans and potatoes cultivation,
the crops have considerably grown.
The company points out that the migration in the villages has dropped
due to the company's participation in the communities' lives, creation
of jobs and improvement of the social conditions. Geoteam CJSC has
placed 15 people in job.
To note, Geoteam CJSC is an Armenian mineral exploration company,
100% owned subsidiary of Lydian International Limited. Geoteam's
flagship project is the Amulsar gold deposit which is a new gold
discovery located along a high ridge top between the Vayots Dzor and
Syunik provinces. In 2009 the EBRD became a shareholder of Lydian
International and on March 21 2012 the EBRD increased its share in
the capital to 6.80%. The IFC owns 10.23% of the shares. -n-