The Armenian government postponed the payment of VAT for "Lidian Armenia" for three years, the amount of investments in Amulsar project amounted to $ 124 million
ArmInfo.Investments of the managing company of Amulsar gold deposit of "Lidian Armenia" CJSC during 2017 already amounted to $ 124 million. Armenian government
September 7 "Lidian Armenia" deferred the term of payment of value
added tax from imported equipment for three years.
Minister of Economic Development and Investments of the Republic of
Armenia Suren Karayan, presenting the draft decision, recalled that
earlier - on April 20 this year. the Armenian Cabinet of Ministers
for three years delayed the payment of value added tax on goods
imported by CJSC Lidian Armenia from April 14, 2017 to December 31,
2018. According to Suren Karayan, given that the investment program
of CJSC Lidian Armenia "is implemented in stages, there was a need to
make certain adjustments to the earlier decision. "During the third
stage, it is planned to import another batch of equipment, the cost
of which instead of the early 22.4 billion drams will make 27.6
billion drams," he explained.
Recall that Lydian Armenia is a subsidiary of British Lydian
International, whose shareholders are also large international
institutional investors from the United States, Great Britain, a
number of European countries, including IFC and EBRD. The Amulsar
project is the largest industrial project in Armenia today to develop
the Amulsar gold deposit with a total value of $ 370 million. In
August 2016, a project for the construction and development of the
field was launched. Preliminary work has been carried out since 2006.
The life of the Amulsar field will be 10 years and 4 months, an
annual average of 200,000 ounces of gold (about 10 million tons of
ore) will be produced. The company's shares are quoted on the Toronto
Stock Exchange. Amulsar deposit is the second largest in Armenia.