TSX-listed gold developer Lydian International on Monday announced that its subsidiaries in the UK and Canada had formally notified Armenia’s government of disputes related to ongoing blockades of road access to the Amulsar gold project.
The subsidiaries, Lydian UK Corporation and Lydian Canada Ventures Corporation, noted its disputes relate to agreements between the respective governments that promote and protect investments.
Under the UK legislation, Lydian UK may submit the dispute to international arbitration three months after such formal notification, and under Canadian legislation, Lydian Canada can do so after six months.
In the meantime, the Armenian government has an opportunity to continue amicable discussions with Lydian to prompt settlement of the disputes.
Illegal blockades have prevented access to the Amulsar gold project since June 2018. Amulsar is expected to be a large scale, low-cost operation with production targeted to average about 225 000 oz/y over an initial ten-year mine life.