International Finance Corporation team (“IFC” part of the World Bank Group) visited Armenia and Amulsar area from September 28 –October 1, as part of its annual supervisory visit.

According to a press release disseminated by Lydian’s subsidiary in Armenia Geoteam,  the visiting IFC’s supervisory team comprised IFC specialists on mining engineering, financing, environmental and social management.

While at Amulsar, the team visited the nearby communities of Gndevaz and Jermuk, held meetings with community members, and familiarized themselves with the ongoing social development projects being implemented by Geoteam. The team also visited the Amulsar project site, where they were shown the proposed mine layout and exploration rehabilitation activities.

Howard Stevenson, CEO and President of Lydian International said that the annual visit is an opportunity for the company to demonstrate progress made in all areas as we move toward construction of the project.

“For example, this year we disclosed the Environmental and Social Impact Assessment and conducted public consultations meetings as part of our commitment to developing Amulsar in line with IFC Performance Standards. We are also nearing conclusion of a value engineering program and were able to outline key improvements to the design. We are committed to developing the Amulsar project in line with IFC environmental and social standards and turning this project into an exemplary mine in Armenia”, he said.

“On behalf of the IFC team, we are all very pleased to see Geoteam’s dedication as demonstrated by its substantial environmental and social advancements. Once developed, Amulsar, will be an excellent example of sustainable mining and a development opportunity for Armenia”,
Robin Weisman, Principal Investment Officer, IFC said.