Geoteam CEO Hayk Aloyan said that in the coming 2 years Amulsar project construction capital expenditures will amount to USD 370 million.

Hayk Aloyan talked about it in an interview with Mediamax.

“Early works have already started. We plan to enter into full scale construction activities in July. In the coming 2 years project construction capital expenditures will amount to some US$ 370 million. Till the end of this year some 800 jobs will be generated around the construction. This means that we will see a tangible economic impact on that region already by the end of this year”, said Hayk Aloyan.

Speaking about the economic impact in the country Geoteam CEO said the impact will be tangible from many aspects.

“The primary task in Armenia is, of course, job opportunities. In addition, there will be a significant inflow of funds into the economy. I’m talking about mine construction for the upcoming 2 years.

During production of gold, several dozen million dollars of tax revenues will be generated annually. Additionally every direct job in mining creates several indirect jobs.

“But I want to emphasize another important aspect. Amulsar is an opportunity to put Armenia on international investment map. Amulsar is a very visible project in international markets. Many potential investors in different spheres follow the success of the project implementation and that can be a positive signal that Armenia is open for investments. Especially in the recent period we all felt the urgency of the importance of attracting new investments and financial inflow into the country”, said Hayk Aloyan.

You can read the full interview here.