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Regional

Lydian International has invested $55mln in prospecting activities over the past seven years

  • by Эрик Абраамян

  • Saturday, June 21, 02:36

 Lydian International has invested $55mln in prospecting activities over the past seven years, Environmental and Social Manager of Geoteam Armen Stepanyan said during a press tour of the company's Amulsar gold field.

Stepanyan presented Geoteam's social and environmental projects. He said that since 2010 they have invested $5mln in environmental initiatives, including environmental impact assessments. In 2014 the company is planning to invest $1mln-1.5mln in such activities.

According to Stepanyan, Geoteam has three hotbeds, where it grows over 60 types of trees to later use them for environmental remediation activities in the nearby areas. He said that in 2013 the company invested $500,000 in such projects. In 2014 it is planning to invest $600,000.
Stepanyan also presented the work done to monitor the birds living in the area. Specialist of Armenia's Bird Protection Association Lyuba Balyan said that Lydian International is the only company in Armenia that has carried out such a project on a large scale. She specified that for six month the company monitored the birds living nearby to see if the Amulsar project affects them.

Guest biologist from Belgium Peter Adrians said that the best international practice says that the best way to start such a project is to analyze the area and to evaluate the factors that may affect the local environment. And this is exactly what Geoteam did.
Lydian International is the only shareholder of Geoteam, a company exploring the Amulsar gold field in Armenia. The shareholders of Lydian International are the EBRD and the IFC.

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