7-9 million USD will be allocated annually for the development of communities around Amulsar

The Minister of Economy of Armenia, Gevorg Papoyan, signed on August 31 the Community Development Agreement within the framework of the 'Amulsar Gold Mine Project', which stipulates annual community development investments of 7-9 million USD, and for the first 18-month period, 10.5 million USD. The agreement was signed between 'Lydian Armenia' LLC, the Government of Armenia represented by the Ministry of Economy, and the communities of Jermuk, Vayk, and Sisian. According to the agreement, 'Lydian Armenia' LLC undertakes the obligation to make annual financial investments in community development: during the construction phase, equivalent to 7 million USD in Armenian drams, and during the production phase, 7 million or 9 million USD equivalent in Armenian drams depending on the average gold price during the respective period, with 10.5 million USD equivalent in Armenian drams for the first 18-month period from July 1, 2025, to December 31, 2026. The agreement also provides for the establishment of the 'Amulsar Community Development Fund', through which the main part of financing and managing community development programs will be implemented.