Sign up USA
Proactive Investors - Run By Investors For Investors

Lydian begins site construction at Amulsar

"In less than three years, we have taken the Amulsar Gold Project through feasibility, permitting, financing, and now to the start of construction," said the CEO.
Lydian begins site construction at Amulsar
Amulsar is a gold mine project

Lydian International Ltd (TSX:LYD) has started earthworks in the construction of the Amulsar gold project in Armenia.

President and chief executive Howard Stevenson said: "Our team has accomplished a great deal.In less than three years, we have taken the Amulsar Gold Project through feasibility, permitting, financing, and now to the start of construction.

"Our funding is in place to proceed, and we expect to be pouring gold in about 18 months. Amulsar will be a large-scale, conventional operation. We expect it to deliver excellent cash flows and already see opportunities for growth."

Work is now under way on key roads, camp platforms and construction facilities. Top-soil removal (pre-stripping) in the Tigranes pit area is also progressing, the firm said.

Work on the mine-haul road from the mine pits to the crusher location has also started.

The start of earthworks follows several months of preparation, including relocating a major community irrigation pipeline and power line out of the footprint of the heap leach facility (HLF), repair to a community water channel, renovations to a local hotel for accommodations, commissary and local offices, and other upgrades to provide year-round construction utilities.

Tendering and beginning earthworks in the heap leach facility is one of the firm's next major priorities.

This will start with installation of primary HLF surface water sedimentation control structures and contractor laydown areas, followed by primary earthworks later in the fourth quarter of 2016.

Preparation of tender packages for pre-engineered metal buildings is also well advanced and will be released for tender also in the fourth quarter.

Negotiations with the prospective vendor for the initial mining fleet and certain auxiliary mobile equipment are nearing completion and orders will be placed before the end of 2016.

Amulsar will be Armenia's largest gold mine, with gold production targeted to average greater than 200,000 ounces annually over an initial 10 year mine life.

View full LYD profile View Profile

Lydian International Ltd. Timeline

Related Articles

May 22 2018
The combination of strong management and stable assets makes the precious metals company one to watch as it continues to extend its reach
October 10 2017
Tethyan Resources is sitting on promising mineralisation in a prime location in Europe
June 05 2018
Gold production is set to return to the island of Ireland within a matter of weeks

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright ©, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use