Prime Minister Nikol Pashinyan said at the official launch ceremony for the Amulsar gold mine that the project should serve Armenia’s development and prosperity. He said the country’s subsoil belongs to the people of Armenia and that this resource should contribute to national economic progress.
Pashinyan described the start of operations at Amulsar as a “success story” and highlighted that the ceremony took place without nearby protests. He said that after dozens of consultations and discussions, all environmental questions had been addressed and the government is convinced that the cited risks have no basis.
The gold project near Jermuk has for years been one of Armenia’s most contentious investment projects. Environmental groups and some residents of nearby communities have argued that mining could create major pollution risks for the resort area’s water, air and soil. Since 2018, local residents had blocked the road leading to the site, preventing the company from starting construction.
Pashinyan also pointed to the project’s economic impact, noting that the government holds a 12.5% stake. He said Armenia’s economy has grown by an average of 7.9% annually over the past five years, while the country’s GDP increased by 53% from 2018 through the 2025 results. According to the prime minister, additional budget revenues could be used for roads, schools, lighting and security.
The Amulsar project is being implemented within the framework of strategic cooperation between Lydian Armenia and the Government of the Republic of Armenia. The company has invested about $750 million in the project, including $150 million backed by a state guarantee provided by the Armenian government. The mine is expected to produce around 210,000 ounces of gold annually.
