Government exempts two Armenian companies from payment of customs duties
Lydian Armenia mining company has invested more than 44 billion drams in the development of the Amulsar gold mine and is going to invest another 180 million drams, Minister of Economic Development and Investment of Armenia Suren Karayan told a cabinet session today.
The Armenian government at a meeting on Friday exempted the company from payment of customs duties on the import of equipment and raw materials. According to the minister, the company is expected to create 2 thousand new jobs with an average salary of 500 thousand drams.
Lydian Armenia will receive the first gold bullion in March 2018. Affiliated with Lydian International Lydian Armenia began construction of the Amulsar gold mine in 2016. Founded in 2005, its institutional shareholders are the European Bank for Reconstruction and Development and the International Finance Corporation.
The Amulsar gold deposit is the second largest deposit in Armenia in terms of gold reserves. It is believed to contain about 31 million tons of ore and 40 tons of pure gold. The mine is located in the southeast of the country, 13 km off the resort town of Jermuk, between the rivers Arpa and Vorotan.
By another decision the government has exempted ML MINING company from payment of customs duties on the import of technological equipment and raw materials because it has pledged to invest 400 million drams in the production.
Karayan said in addition to previously made investment the company plans to invest additional 100 million drams, which will create 20 new jobs
ML MINING was founded in 2008 and is engaged in the production of building materials. ($ 1 - 480.39 drams). -0-