| Canadian miner Lydian to invest $480 mln in Armenia gold project | |
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YEREVAN, Dec 3 (Reuters) - Canadian miner Lydian International plans to invest up to $480 million in development of its Amulsar gold project in Armenia, the former Soviet state's economy minister said on Thursday. Lydian International, a gold-focused mineral development company, operates in Armenia through its local subsidiary Geoteam CJSC, which obtained mining right for the Amulsar gold project in 2014. Karen Chshmarityan told a government meeting that construction works at the mine are expected to start next spring and due to be completed within two years. The minister said that Geoteam CJSC raised $325 million from the Orion Mine Finance and Resource Capital Fund VI L.P, a mining-focused private equity firm, and is seeking further funds from the International Financial Corporation and the European Bank for Reconstruction and Development. The Amulsar project located in southern Armenia has estimated gold reserves totalling 1.8 million ounces. (Reporting by Hasmik Mkrtchyan; Writing by Margarita Antidze; Editing by David Goodman)
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Lydian International Ltd
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EXPLORATION STAGE |
CODE : LYD.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Lydian International is a zinc and gold exploration company based in Jersey. Its main exploration properties are CREPULJE in Serbia and montenegro and AMULSAR and DRAZHNJE in Armenia. Lydian International is listed in Canada. Its market capitalisation is CA$ 52.5 millions as of today (US$ 39.9 millions, € 36.0 millions). Its stock quote reached its highest recent level on September 23, 2011 at CA$ 3.21, and its lowest recent point on November 28, 2019 at CA$ 0.07. Lydian International has 699 449 984 shares outstanding. |