Lydian Armenia, operating at the Amulsar deposits in Jermuk, will receive its first gold nugget in March 2018.
The construction works in Jermuk are underway and will last for 18 months.
“We are prepared to invest $370 million and create 700 jobs in 10 years. The program presupposes the annual gold exports of $259 million”, the company managing director Howard Stevenson said.
Amulsar gold deposits are the second largest reserve-wise in Armenia. It contains around 31 million tons of ore with 40 tons of gold.
According to the Ministry of Economy, the deposits could yield 12-14 tons of gold per year. (Ukrainian metal)