https://www.miningweekly.com
Construction|Gold|PROJECT|Road
Construction|Gold|PROJECT|Road
construction|gold|project|road

Armenia job losses stack up as Lydian lets more staff go

A December 2017 photo of the Amulsar site.

A December 2017 photo of the Amulsar site.

2nd November 2018

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Another 115 dismissals are on the cards at Lydian International’s Amulsar project, in Armenia, as road blockages continue to prevent access to the site, forcing the Canada-listed company to enter into a forbearance agreement with its lenders.

About 130 employees have already been dismissed since the illegal blockades started in June, with a total of 87% of the company’s workforce having been dismissed.

In addition, Lydian has terminated certain construction-related contracts and placed other contractors on standby, resulting in an estimated 1 100 contracted jobs that have been lost, the company said in a statement on Friday.

“Our position and request of the Armenian government has been simple and consistent; we support the government’s audits and investigation initiatives, but Lydian should be allowed to continue construction during these processes,” said president and CEO João Carrêlo.

He expressed hope that the company would be allowed to construct the Amulsar mine, which would be Armenia’s largest gold producing operation.

“The reality of the situation caused by inaction to remove the illegal blockades requires us to evaluate a number of alternatives, which range from sourcing additional funding to complete construction at Amulsar to considering various strategic alternatives,” Carrêlo said.

Amulsar will be a large-scale operation with production targeted to average about 225 000 oz/y over an initial ten-year mine life.

Edited by Creamer Media Reporter

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.137 0.176s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: