The Amulsar Mine, which will become the largest gold mine in Armenia, has moved one step closer to production.
In a statement, the mine project owners said everything is “proceeding as planned.”
Lydian International, the owner of the gold project, has announced that it has already committed a total of $213mn, which represents 58 percent of the entire capital set aside for the project.
The overall estimated cost for construction of the project has been estimated at close to $370 million.
Construction highlights include:
Design and fabrication contracts for the crushing and screening plant and the overland conveyor system have been awarded. Fabrication of equipment components is in process, and the first shipment of structural steel for the crushing plant was delivered to site on schedule. Earthworks preparing the crushing and screening plant building platform are in process.
The Amulsar Project, located in southern Armenia, is an open-pit mine with estimated mineral resources of 142.2 million tonnes and a mineral reserve of 2.606 million tonnes of contained gold ounces.
When production underway, Lydian looks set average greater than 200,000 ounces per year.
The Amulsar mine has been earmarked for a 2018 production start.
Lydian is expected to achieve the following significant milestones: