YEREVAN — Armenian Minister of Economy Gevorg Papoyan on August 31 signed a Community Development Agreement as part of the Amulsar Gold Mine project. The agreement provides for annual community development investments of $7 million to $9 million, as well as $10.5 million for the initial 18-month period, according to the Ministry of Economy.
The agreement was signed between Lydian Armenia CJSC, the Government of Armenia represented by the Ministry of Economy, and the communities of Jermuk, Vayk and Sisian.
Under the agreement, Lydian Armenia has committed to making annual financial contributions toward community development as follows:
- During the construction phase, the equivalent of $7 million annually in Armenian drams;
- During the production phase, the equivalent of either $7 million or $9 million annually in Armenian drams, depending on the average price of gold during the relevant period;
- For the initial 18-month period from July 1, 2025, through December 31, 2026, the equivalent of $10.5 million in Armenian drams.
The agreement also provides for the establishment of the Amulsar Community Development Foundation, which will oversee the financing and management of the majority of community development programs.
The document was also signed by Lydian Armenia CEO Hayk Aloyan, Vayk Mayor Mkhitar Matevosyan, Sisian Mayor Hovsep Arakelyan and Jermuk Mayor Manan Gevorgyan.
Also attending the signing ceremony were Government Representative to Lydian Armenia Gnel Sanosyan, Vayots Dzor Governor Vahagn Arsenyan and Syunik Governor Robert Ghukasyan.
The agreement is intended to establish a unified legal and institutional framework for providing, managing, distributing and overseeing financial assistance aimed at the socioeconomic development of communities affected by the Amulsar project.
The communities and settlements designated as affected areas under the agreement are Jermuk, Kechut, Gndevaz, Saravan — including Saralanj and Ughedzor — and Gorayk.
