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Armenia’s Minister of Economic Development and Investments Suren Karayan on May 31 visited Amulsar project area to review economic and social development programs implemented by Lydian Armenia.

CEO of the company Hayk Aloyan informed the minister that capital investments in the research and exploration phase amounted to nearly 90 million USD, while investments expenditures for acquisition of equipment and construction works for preparing the mine until completion will amount an additional 370 USD, the ministry told Panorama.am.

In Mr. Aloyan’s words, currently over 570 employees are involved in the construction, with 280 people from nearby communities. More than 1300 people will be employed during the construction works. 700 permanent workplaces will be created during the further 10 years of mining.

Hayk Aloyan mentioned that the first gold extraction is expected to be carried out in spring 2018.

In his speech, Minister Suren Karayan said: “In case of the realization of Amulsar investment project, its impact on Armenia's economy will be significant: about 2% GDP annual growth.”