Lydian Armenia invests $5.7 mln in establishment of  "Jermuk National  Park" 

ArmInfo. Armenia's Ministry of Nature Protection and Lydian Armenia company have signed a Memorandum of Cooperation related to establishment of "Jermuk National Park" on December 12 in Yerevan. The memorandum is signed for 5 years and envisages investments amounting to $5.7 mln aimed at maintaining integrity of local ecosystems, developing eco- tourism and environmental agriculture. 

According to Managing Director of Lydian Armenia Hayk Aloyan since  the first day if its operation in Armenia the company has adopted a  policy of becoming an exemplary company in mining field. "By this  regular step we have raised the bar for demands to our operation  during implementation of Amulsar gold deposit development project. We  hope that this project will become a successful model, to which our  partners will also follow", Aloyan stated. 

Progressive world experience demonstrates that it is possible to  carry out mining of natural resources by using efficient and modern  methods of management, Aloyan noted. In this context according to the  Head of the company Lydian Armenia and the company's shareholders  demand that the implementation of Amulsar project is fully in line  with the best international practices. "We want to prove in practice  rather than in word that basing on state-private sector cooperation  it is possible to achieve the best results in environmental risks  management and ensuring sustainability of biodiversity.  The  implementation of the initiative on establishing Jermuk national park  offers prospects of due fulfillment of demands of nature protection  legislation for the favor of Armenia's nature and maintenance of  local ecosystems integrity.  Lydian Armenia considers that Jermuk  National Park created by the efforts of famous world specialists and  local scientists may become an exemplary program for ensuring  sustainability of biodiversity not only in the region but also in  global mining industry. 

Meanwhile, establishment of Jermuk National Park is important not  only in the context of ensuring maintenance of ecosystems but also  for developing tourism and agriculture. During the recent years the  company has assisted development of small and medium enterprises in  communities neighboring Amulsar deposit. As a result of  implementation of this program more assistance will be provided to  development of Jermuk as a tourism center, according to Aloyan. "I  hope that the new program will become successful economically too and  in 5 years the national park will become economically profitable and  fully co- financed project", Hayk Aloyan stated. 

According to the expert on management of biodiversity at Treweek  Environmental Consultants (TEC) and coordinator of Jermuk National  Park project Ramaz Gokhelashvili the authors of the project are  "pioneers" as working in mining industry he sees such a project for  the first time implemented in this format. The expert is convinced  that the successful results of the program of developing the region  by implementation of social economic programs on local level will be  exemplary for the generations to come. 

Minister of Nature Protection of Armenia Artsvik Minasyan for his  part stated that a qualitatively new environment is being created in  the Armenian reality in the context of formulating responsible  attitude to the mining field. The Minister explained that the  Memorandum does not limit the implementation of the company's  business projects and the efforts of the Ministry in carrying out its  state-supervisory functions.  The Minister also noted that one of the  key principles of the program is that it is based on ensuring maximum  involvement of all the sides- the Ministry, company, communities and  public structures. Our main goal is to reach highest possible  economic results by improving environment. In this light establishing  responsible mining industry plays a huge role, and Lydian Armenia  once again demonstrates this", Minasyan stated. 

To note, Lydian International, founded in Great Britain in 2005, is  the sole shareholder of L:ydian Armenia, having a license foe the  Amulsar gold deposit development, which is the second largest deposit  in Armenia.  The Amulsar gold program is as of today the biggest  industrial project of gold development in Armenia, the total cost of  which is $370 mln.  In August this year official ceremony of the  project launch was held.  The preparation work has been held since  2006. The term of operation is 10 years and 4 months, it is planned  to get 200 thousand ounces of gold annually (10 mln tons of ore).   The Amulsar project envisages creation of 1,300 jobs in the course of  construction and 650- 700 jobs throughout the entire operation of the  mine.  To note, Lydian Armenia is subsidiary of British Lydian  International, among the shareholders of which are IFC and EBRD. The  stocks of the company are traded on Toronto Stock Exchange.