https://www.miningweekly.com

Lydian gets thumbs up for Amulsar gold project

27th November 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – TSX-listed Lydian International on Thursday said its 100%-owned subsidiary Geoteam had secured approval from the Ministry of Energy and Natural Resources of Armenia for a mining right for the Amulsar gold project, in Southern Armenia, in the Middle East.

The mining right provided the green light for Lydian to develop the $426-million large-scale, low-cost openpit gold mining operation with low all-in sustaining costs of $701/oz.

The emerging gold developer aimed to start construction in the second quarter of 2015 and commission the new mine late in 2016.

A feasibility study published earlier this year demonstrated a “compelling opportunity” for the development of an all-oxide deposit with three-million ounces of gold in measured and indicated resources, as well as two-million ounces of gold in inferred resources.

The company expected the mine to deliver more than 200 000 oz of gold, or a total of 2.1-million ounces, over a 10.4-year mine life.

Lydian president and CEO Howard Stevenson said the company planned to generate over $570-million of after-tax cash flow during the first five years of operations.

Lydian submitted its mining rights application at the end of July, which was subsequently accepted for review by the Ministry of Energy and Natural Resources in August 2014.

“The previous environmental-impact assessment (EIA) and Technical Safety Programme (TSP) approvals, and now this most recent approval of the mining right, were the subjects of intensive and thorough interaction with the Armenian authorities, local communities, members of civil society and others,” said Stevenson.

Lydian previously received approval for its EIA from the Ministry of Nature Protection, acting under the Armenian Mining Code and EIA Law, based on expert reviews, public discussion and the minutes of public hearings, while the Ministry of Emergency Situations had approved the TSP.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 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:0.161 0.2s - 106pq - 2rq
Subscribe Now