Geoteam Managing Director Hayk Aloyan stated today that construction works of Amulsar gold mine will be launched in April.

Hayk Aloyan made this announcement at Armenia-Canada Mining Forum launched in Yerevan.

“Construction will be finished in January 2018 according to our schedule, then mine exploitation will begin. It will last for 10 years,” said Hayk Aloyan.

Along with construction works, the company will continue implementation of social-economic programs in communities affected by the mine. In paticular, Geoteam plans to solve in 2016 the issue of drinking water for Goyark village, continue agricultural programs on installation and development of greenhouses  in Gndevaz village, support cattle husbandry in Gndevaz, and work on solving infrastructural issues in Jermuk city.

Presenting the company and mine exploitation programs to the forum participants, Hayk Aloyan noted that Geoteam, which realized geological and reconnaissance works in Armenia in 2005 and has Lydian International as holder of 100% of shares, was listed in Toronto Stock Exchange in 2008. The company shareholders are also International Finance Corporation (IFC), EBRD, and other institutional investors.

In 2015, the company signed a USD 325 million construction financing package to be provided for Amulsar gold mine project by Orion and RCF, and in February 2016, International Finance Corporation announced its readiness to fund USD 40 million.