YEREVAN, Dec 3 (Reuters) - Canadian miner Lydian
International plans to invest up to $480 million in development
of its Amulsar gold project in Armenia, the former Soviet
state's economy minister said on Thursday.
Lydian International, a gold-focused mineral development
company, operates in Armenia through its local subsidiary
Geoteam CJSC, which obtained mining right for the Amulsar gold
project in 2014.
Karen Chshmarityan told a government meeting that
construction works at the mine are expected to start next spring
and due to be completed within two years.
The minister said that Geoteam CJSC raised $325 million from
the Orion Mine Finance and Resource Capital Fund VI L.P, a
mining-focused private equity firm, and is seeking further funds
from the International Financial Corporation and the European
Bank for Reconstruction and Development.
The Amulsar project located in southern Armenia has
estimated gold reserves totalling 1.8 million ounces.