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Orion trims stake in Lydian

12th September 2019

By: Creamer Media Reporter

     

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Private equity firm Orion Mine Finance has trimmed its stake in Armenia-focused Lydian International to 11.7% by selling 10-million shares in the TSX-listed gold developer at C$0.10 each.

Prior to the sale, Orion owned 98 836 000 shares, representing 13% of the issued and outstanding shares.

Lydian’s partially-developed project has been on ice since mid-2018, when protestors blocked access to the mine site. Following several environmental audits, all of which the company passed, Prime Minister Nikol Pashinyan said that access to the Amulsar site should be restored.

The Canadian company said this week that it would be restarting construction by April or May next year, and that the mine could be producing by late next year or early 2021.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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