Tuesday, July 31, 14:11

The Committee on Lake Sevan Issues may revise its position on Amulsar,
Alexey Tarverdyan, a member of the Committee, said at today's public
hearings on the Amulsar gold mine. To recall, earlier the Committee
gave a negative conclusion on the given project.

"We are very much concerned over this statement. The Law "On Sevan"
says that the Kechut and Spandaryan tailing dumps located near Amulsar,
as well as the basin of the rivers Vorotan and Arpa are included in
the catch basin of Lake Sevan. The law bans ore mining activities in
the Sevan basin", Inga Zarafyan, Head of EcoLur NGO, said to ArmInfo's
correspondent. She expressed hope that the process of the Amulsar
environmental risk assessment will be maximally released from the
pressure of investors and political forces, as it touches on issues
of preservation of Lake Sevan and development of the resort zone
of Jermuk.

To note, in February 2012 Armenian Economy Minister Tigran Davtyan
said that the Amulsar project was being implemented by a well-known
company, which committed itself to observe all the environmental
standards. The minister assured that the mine was rather a long way
from the town of Jermuk, therefore, any speculations on the project
were absolutely groundless. In addition, the technologies to be used
in the course of the Amulsar development meet all the international
standards and the toughest environmental requirements.

To recall, in 2012 Geoteam CJSC is going to invest $52 mln in the
eologic exploration and preparation for development of the Amulsar gold
mine at the south of Armenia. 95% of Geoteam's shares belong to Lydian
International Ltd. According to the preliminary data of the company, it
is planned to extract over 40 tons of gold from the Amulsar mine. Such
authoritative institutional investors as the International Finance
Corporation (16.5%) and the European Bank for Reconstruction and
Development (7.5%) are among the shareholders of Lydian International.

From: A. Papazian