Lydian Armenia Transfers 12.5% of Its Shares to the Armenian Government
Lydian Armenia has transferred 12.5% of its shares to the Armenian government. The agreement was signed at the Ministry of Economy of Armenia. Minister of Economy Gevorg Papoyan signed on behalf of the government, while Hayk Aloyan, the director of Lydian Armenia CJSC, represented the company.
The decision to donate the shares was approved back on January 18, 2024. In February 2023, the government, Lydian Armenia, and the Eurasian Development Bank committed to investing approximately $150 million into the Amulsar gold mine project. An additional verbal agreement was made for another $100 million in investments.
To date, $500 million has already been invested, and an additional $250 million is planned, which will create approximately 1,000 new jobs.
Hayk Aloyan, director of Lydian Armenia CJSC, announced that construction work on the Amulsar mine will commence in the upcoming quarter, with full operation expected in the fourth quarter of 2025.