Canadian Mining Journal


GOLD-SILVER: Lydian secures US$325M construction funding for Amulsar mine

ARMENIA – Toronto’s Lydian International has secured financing in the amount of US$325 million for construction of its Amulsar gold mine in the south-central part of the country. Total cost of building the mine is estimated to be US$395 million (US$370 million preproduction capex plus US$25 million for financing and other development costs).

Orion Mines Finance and Resource Capital Funds have agreed to supply the following:

  • US$60 million in gold and silver streaming;
  • US$80 million in a private equity placement;
  • US$160 million in the form of a term loan; and
  • US$25 million as a cost overrun facility.

The Amulsar deposit contains 122.4 million tonnes of measured and indicated resources grading 0.77 g/t Au and 3.5 g/t Ag, containing more than 3.0 million oz of gold and more than 13.9 million oz of silver. There is also an inferred resource of 106.2 million tonnes grading 0.59 g/t Au and 2.6 g/t Ag, containing more than 2.0 million oz of gold and almost 9.0 million oz of silver. A conventional truck and shovel pit is to be developed with a heap leach facility.

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