The International Finance Corporation and the European Bank for Reconstruction and Development (EBRD) delegations were in Armenia from June 3rd to 7th on a supervision visit to review the development of the Amulsar gold project.

IFC and EBRD are both major shareholders of Lydian International Limited- the parent company of Geoteam CJSC that in turn holds all the licenses of the Amulsar project in Armenia, Geoteam informs.

The team consisted of Environmental, Social Development, Geology, Mining and Finance specialists from IFC and EBRD. They held working meetings with Lydian and Geoteam, met with several ministries in Armenia and visited the Amulsar site and the surrounding communities of Goryak, Saravan and Gndevaz as well as the town of Jermuk. They undertook a review of the current status of the environmental, social and ongoing technical work done by Lydian and Geoteam, as well as reviewing and discussing what still needs to be done for the project to be eligible to receive  project financing from the major international financial institutions who operate to the “Equator Principles”.

"The IFC chooses its clients, such as Lydian, in the mining industry very carefully. The most important criteria are the company’s commitment to following good environmental and social standards. This is something that we monitor regularly with visits such as the one last week in Armenia. We have been impressed by the social programs Geoteam is supporting even at this early stage. We now look forward to the company's full Environmental and Social Impact Assessment (“ESIA”) that will allow all stakeholders to have a discussion on the risks and benefits of the project in an informed manner", said Robin Weisman, Principal Investment Officer at IFC.

“The EBRD is committed to ensuring that its clients meet the highest standards of environmental and social performance. We are encouraged that Lydian and Geoteam are consulting with stakeholders and undertaking extensive studies as it prepares an Environmental and Social Impact Assessment for Amulsar Mine development. We very much appreciated the opportunity to observe their ongoing activities this week, and we received valuable information in our meetings with national and local authorities and with NGOs. We look forward to reviewing the ESIA to verify it meets the requirements of our Environmental and Social Policy, and we look forward to the extensive public consultations the company is planning following disclosure of the ESIA in the coming months”, Jack Mozingo, Principal Environmental Advisor at EBRD said.

Lydian and its subsidiary Geoteam remain committed to meeting all the environmental and social standards and requirements set by the IFC, EBRD and the “Equator Principles” and to set up an exemplary mining operation in Armenia that will benefit the country and the communities economically and that will set a high standard for environmental management, Geoteam mentions.