Yerevan /Mediamax/. In 2014, Geoteam paid AMD 440.2mln to communities adjacent to Amulsar in land rental fees.

During 2008-2014, Geoteam paid AMD 720mln in total to Saravan, Gorayk and Gndevaz communities in land rental fees.

During the last 4-5 years the local budgets of Amulsar adjacent communities have increased significantly from AMD 2-3 million in 2006-2008 to AMD 60 up to 205 million in 2013-2014. Some of the money is reinvested by the communities into several infrastructure repair projects as well as joint social development projects in the communities in partnership with Geoteam.

In 2014, Geoteam has also allocated over AMD 900 million on environmental and social studies, research and other activities, including exploration rehabilitation, social development projects and more.

In 2014 around AMD 135 million was allocated for social development projects in the communities including agricultural development through 10 greenhouses, animal husbandry project in Gorayk, fruit drier in Gndevaz. Infrastructure and facilities such as: school sanitation and canteen in Saravan, health post and dentistry in Gorayk, playground in Gndevaz. In all three communities Geoteam has implemented educational and sports projects such as scholarship support to 12 students studying mining engineering and geology, dance groups and choirs for kids, sports and educational projects for schools and kindergartens. School sanitation and canteen were renovated and two playgrounds were built in Jermuk.

“We believe that active partnership with our communities will bring success to Amulsar project and build prosperous and strong communities around the project. The most tangible benefits, however, are yet to come, with the construction of the mine due to start next year, with around 1500 jobs during construction and 700 jobs throughout the life of the mine. Amulsar is not just an investment project of USD 420 million but also an opportunity to build a modern, environmentally and socially well managed world-class mining operation in Armenia that will benefit the communities and the country”, said Managing Director of Geoteam CJSC Hayk Aloyan.