Confirm cookie choices
Cookies are pieces of code used to track website usage and give audiences the best possible experience.
Use the buttons to confirm whether you agree with default cookie settings when using

DIF - Lydian (Amulsar Gold Mine)



Project number:


Business sector:

Natural resources

Notice type:


Environmental category:


Approval date:

22 Feb 2009



PSD disclosed:

27 Apr 2012

Project Description

Support continued exploration and development programme of Lydian’s Amulsar gold project in Armenia (drilling and feasibility studies).

Note: The original PSD was updated on 13 August 2014 to make the description of the Bank’s investment clearer to the project stakeholders and to reflect the latest amount of the EBRD’s investment.

Transition Impact

The transition impact potential for the project is derived from:

i) Support to private sector development
The Company is one of the few private mining companies undertaking exploration in Armenia. The Bank is supporting Foreign Direct Investment (FDI) in the extractive industry in the region and the development of a private sector start-up company contributing to the economic development of Armenia. The EBRD financing will be important to the Company as it grows through its early stages, thanks notably to the enhancement of its reputation externally with investors. The project may serve as a model for similar privately owned companies to enter the Armenian market.

ii) Setting standards for corporate governance and business conduct
The Bank’s early stage involvement will allow shaping the Company’s standards, with in particular the adoption of corporate governance and transparency standards required as a consequence of its listing on the main board of the Toronto Stock Exchange, facilitated by the appointment of EBRD Board Nominee. The adoption of these standards could also have a positive demonstration effect in the region. Lydian is committed to adopting applicable EBRD requirements for environmental, social, health and safety standards.

The Client

Lydian International Limited is a public limited company, registered in Jersey and listed on the Toronto Stock Exchange. Lydian owns a mining and a number of exploration assets in Armenia.

EBRD Finance

CAD 5.8 million equity financing.

Environmental Impact

The project has been categorised “B” in accordance with the EBRD’s Environmental & Social Policy 2008 (ESP). As an exploration project, the environmental and social impacts are site-specific, readily identified, and able to be avoided or controlled with appropriate mitigation measures and best practices.

The Bank’s investment includes participation in the company’s equity capital. The Subscription Agreement under which the Bank made its investment requires the Company to carry out this project and future projects in accordance with the Bank’s Performance Requirements (PRs).

As of early 2012, the Company is planning future development of the Amulsar deposit. An international consultant has been retained to characterize baseline conditions of environmental and social resources and to prepare an Environmental and Social Impact Assessment that meets international standards. This ESIA is expected to be completed and disclosed for public review and comment in summer 2012.

Technical Cooperation


Company Contact

Lucy Fowler
Investor Relations Manager
Lydian International
1st Floor, Capstan House, La Route es Nouaux, St Helier Jersey JE2 4ZY, Channel Islands
+44 (0)1534 715472


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

GDPR Cookie Status