Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Lydian International on brink of construction start at Amulsar

"Lydian is now rapidly advancing on a number of fronts to achieve a summer start to construction at Amulsar.”
Pictured is the Amulsar project site
The Amulsar mine is a huge project in Armenia

Armenia-focused gold mine developer  Lydian International Ltd (TSE:LYD) is on the brink of breaking ground at its massive Amulsar mine, it revealed.

The group has made a formal decision to begin construction.

Chief executive and president Howard Stevenson told investors: "Lydian is now rapidly advancing on a number of fronts to achieve a summer start to construction at Amulsar.

"Basic engineering is advancing and we plan to tender several key contracts during the coming weeks in anticipation of breaking ground.

"We expect to accomplish a number of milestones this year and will outline our path forward at Lydian's upcoming annual meeting."

Amulsar expected to be largest gold mine in Armenia

The move follows the recent  amended mining right from the Republic of Armenia, and the completion of a $38.3-million public offering and US$80mln in private placements.

Amulsar is expected to be the largest gold mine in Armenia, producing an average of 243,000 ounces of gold per year over an initial five years of operation.

Highly profitable

Lydian said with a 10-year life-of-mine and total cash cost estimated at US$509 per gold ounce, Amulsar will be a highly profitable.

The first gold pour is expected within around 20 months from construction start.

Lydian will also be evaluating future expansion potential from currently defined inferred resources and, ultimately, from open extensions at depth, it said.

The group agreed a comprehensive US$325mln  financing package in late 2015 in a milestone deal, and construction capital is estimated at US$370million.

Financing for more than 80% of this is in place, with equipment financing is expected to fill in the remainder, the group said.

Shares in Toronto gained 1.49% to stand at C$0.34 each.

Giles_55af4ddca6481.jpg
Why Invest In Lydian International Ltd.? Read More Here

Register here to be notified of future LYD Company articles
View full LYD profile View Profile

Lydian International Ltd. Timeline

Newswire
February 09 2017

Related Articles

picture of gold pour
May 17 2017
Sener wants to do more work itself at Salinbas to see what’s there
shutterstock_249210421-(1).jpg
August 09 2016
Shares in Galantas are up over 63% since the beginning of January
argent-minerals-MD-david-busch-presenting-in-Melb--Feb-2017.jpg
Thu
David Busch discussed exploration plans at Proactive's CEO Sessions.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

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