Suspension of Lydian Armenia company’s investment project harms Armenia’s business reputation: Armen Stepanyan
/Jan 30/Aysor:

The routes taking to Amulsar continue being illegally closed from July 28 till now, Armen Stepanyan, Lydian Armenia company’s Vice President for Sustainability, told the reporters today.

He stressed that the company has suffered big losses due to closed routes and 1,300 people lost their jobs.
Asked about possibility to restore the losses judicially by demanding them from the government, Stepanyan said, “Everything is possible.”
He also noted that the closing of the routes to the mine is partially oriented and urged the corresponding bodies to study by who.
The company representative said it is necessary to calculate how much losses the company suffered during this period.
“We have not had any income till now. During these years we just invested. We have invested over 400 million USD and were planning to have the first income last year,” he said.
As to whether the suspension of Lydian Armenia company’s investment program will harm Armenia’s business reputation, Stepanyan said, “Definitely. If you visit our website and see the names of our financers you will get the answer to the question. These are financial institutions who are not only funding the mining sector but many others. Many of them are offended, and I believe that a serious harm has been caused to our reputation which needs to be restored as soon as possible.”

Eddie Rich: Armenia has taken right path toward full transparency in mining industry
/Jan 30/

YEREVAN. – Armenia has taken the right path toward full transparency in mining industry.

Eddie Rich, Deputy Head of the Extractive Industries Transparency Initiative (EITI), on Wednesday told about the aforesaid to reporters, and during a conference devoted to the first national report of the Extractive Industries Transparency Initiative for Armenia.

Rich noted that Armenia will be assessed this year to see where it was going in terms of international standards. He said even though there were no flagrant shortcoming at this time, a full assessment will be made later.

As per the EITI official, the main achievement is the summary digest where all the data were presented for the first time. He added that everyone can get familiarized online with the contractual, tax-related, and financial matters of the enterprises that work in this domain.

Eddie Rich noted that there will be data also with respect to the production volumes of companies, and therefore it will be possible to see whether the payments correspond to production volumes.