Lydian Armenia and the government of Armenia, represented by the Ministry of Economy, along with the consolidated communities of Jermuk, Vayk, and Sisian, have signed a Community Development Agreement. According to the agreement, Lydian Armenia is committed to providing $7 million annually for community development for each 12-month period of construction and production at the Amulsar mine. If the average price of gold per ounce during the production phase exceeds $3,550, the company's annual allocation will increase to $9 million:
The company has stated that 70% of the annual investment will be distributed among the consolidated communities of Jermuk, Vayk, and Sisian according to the formula established by the agreement. The remaining 30% will be allocated for funding community development programs on a competitive basis:
“The funds will not be transferred directly to the community budgets. They will be provided to the community development fund established by Lydian Armenia. The signing of the agreement creates a predictable, transparent, and institutional system for Lydian Armenia's long-term support for the communities surrounding Amulsar,” the statement said.
