Lydian Armenia CJSC is a mining company registered in the Republic of Armenia, which has the required permits to operate the Amulsar Gold Project. Lydian Armenia was founded in 2005 and after significant geological exploration activities, discovered the Amulsar Gold Mine. In 2011, Lydian was conferred Mining Journal’s “Outstanding Achievement” Award for discovery and exploration of the Amulsar mine.
Lydian Armenia is a 100% subsidiary of Lydian Canada Ventures owned by the US firm, Orion Mine Finance and Canadian firm, Osisko Gold Royalties, which both invest in mining and mineral sectors.
Lydian Armenia’s Amulsar Project is the largest investment project in Armenia. The company invested more than USD 90 million only for the geological exploration and USD 370 million during the construction phase, and it plans to invest another USD 200 million to complete the construction of the Amulsar Project.
Lydian Armenia considers Amulsar Project’s surrounding communities of Gndevaz, Jermuk, Gorayq and Saravan as its primary partners and the social programs of the Company are directed to the sustainable development of these communities. For this propose, since 2007, Lydian Armenia has invested over USD 4 million in the social programs by financing over 90 projects in agriculture, infrastructure development, health care, education, etc., as well as over 50 small and medium businesses.
Lydian Armenia commenced environmental studies for the Amulsar Project in 2008. Lydian’s Environmental and Social Impact Assessment documents (EIA and ESIA) are unprecedented in Armenia in terms of their volume and quality. The company has spent over 6 million USD only on the compilation of these documents, involving reputable international and local scientific institutions (Wardell Armstrong International, Golder Associates, Global Resource Engineering, Treweek Environmental Consultants, Environmental Resource Management, LUC and RA NAS Institute of Botany, RA NAS Scientific Center of Zoology and Hydrology, etc.).
Lydian Armenia is the first in Armenia to be signatory to International Cyanide Management Code. The Amulsar Project is the fifth project in the world to obtain a pre-production certificate and the first mining project in world to be certified since the amendments to International Cyanide Management Code in 2016, which include stricter audit guidelines.