Not all that glitters is gold
The completion of a gold mine construction project on Armenia’s Amulsar mountain, headed by the multi-national company Lydian International, remains in serious doubt. Years of corruption, local protests, regime change and war with Azerbaijan have taken their toll on the massive initiative. Yet, the negative impact of the half-way completed mine has left the local community scarred.
Lydian International’s half a billion USD dollar goldmine on Armenia’s Amulsar mountain is the largest greenfield mining project ever financed in the country. Poised to be the leading goldmine to open globally in 2018, no gold has yet to be extracted. Nor is it expected that any gold will be mined anytime soon since Lydian entered bankruptcy litigation, is winding up its assets in Toronto, its Canadian headquarters, and was appointed liquidators. The project became marred by allegations of corruption and environmental negligence.
Lydian International’s half a billion USD dollar goldmine on Armenia’s Amulsar mountain is the largest greenfield mining project ever financed in the country. Poised to be the leading goldmine to open globally in 2018, no gold has yet to be extracted. Nor is it expected that any gold will be mined anytime soon since Lydian entered bankruptcy litigation, is winding up its assets in Toronto, its Canadian headquarters, and was appointed liquidators. The project became marred by allegations of corruption and environmental negligence.
April 11, 2021 -
Dylan van de Ven
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Issue 3 2021MagazineStories and ideas
A panorama of Jermuk, a mountain spa town whose facilities contribute significantly to the livelihoods and the region’s economy and lies six kilometres downstream from Amulsar’s cyanide leaching facilities. Photo: Irina Ovchinnikova / Shutterstock
