US Ambassador to Armenia Richard Mills noted that mining industry based on transparent, responsible, social and environmental international standards can be a profitable investment for Armenia.

He made this comment at a business conference on viable mining industry on November 16, organized jointly by the US Embassy, Armenian Ministry of Economic Development and Investments and Ministry of Energy Infrastructures and Natural Resources, as well as HSBC Bank.

“Armenia has real opportunities in mining sector, which should be realized with protection of environment and the workers’ safety. Amulsar gold mine project is a shining example that it’s possible to have a viable mining industry with application of environmental standards in Armenia,” Ambassador Richard Mills said.

He remarked that mining is one of the leading sectors of Armenian economy, with a substantial share in the country’s GDP.

“As a representative of the US Government, I have strengthening of commercial relations between Armenia and the United States as one of top directions in my work. I am convinced that it is possible and profitable to make investments in Armenia. In recent years USA made two large contributions: USD 180mln in Vorotan Complex and USD 370mln in Amulsar project, which will not only provide tax payments and new jobs, but will also bring new culture to Armenia,” the US Ambassador said.

Head of EBRD Yerevan Resident Office Mark Davis observed that “Armenia is a good place for business”. While presenting current situation and perspectives of Armenia’s mining sector, he said:

“The Soviet culture still preserved in this sector causes rather significant problems, especially in small mines. We should think about responsible mining, and solve problems that remained from the past. I believe that Lydian’s work can change current situation and create incentives for utilization of the mine that will change current views.”

Lydian International President and CEO Howard Stevenson noted that the main problem with mining in Armenia is the negative experience of the past.

“Unfortunately, because of that problem the public is convinced that mining has exclusively bad effect on environment. By the example of Amulsar gold mine Lydian is trying to demonstrate the opposite,” Howard Stevenson said.

The conference was attended by representatives of 7 American and 35 Armenian companies from mining sector.