Mining

 

Lydian announces submission of Notices to Armenian Government
/Mar 11/MediaMax/

Yerevan/Mediamax/. Lydian International Limited today announced that, in connection with the ongoing blockades of road access to the Amulsar Gold Project, Lydian U.K. Corporation Limited and Lydian Canada Ventures Corporation, subsidiaries of the Company, have formally notified the Government of the Republic of Armenia of the existence of disputes with the Government of Armenia under the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Armenia for the Promotion and Protection of Investments, and the Agreement between the Government of Canada and the Government of Armenia for the Promotion and Protection of Investments, in force since March 29, 1999, respectively.

Under the UK BIT, Lydian UK may submit the dispute to international arbitration three months after such formal notification, and under the Canada BIT, Lydian Canada can do so after six months. In the meantime, the Government of Armenia has an opportunity to continue amicable discussions with Lydian with a view to the prompt settlement of the disputes.

 Whether or not Lydian UK or Lydian Canada will initiate arbitration proceedings will depend on the conduct of the Government of Armenia, and there can be no assurance that Lydian UK or Lydian Canada will initiate any arbitration claim or application to any international arbitration court or of the outcome of any such claim or application. The Company does not intend to make any further public comments relating to these matters unless required by law. 
 

British Embassy in Armenia comments on Lydian’s notice
/Mar 12/MediaMax/

Yerevan – The British Embassy in Armenia hopes that the Armenian government and Lydian International will continue discussions towards a solution.

At the request of Mediamax, the embassy commented on Lydian U.K. Corporation Limited’s decision to formally notify the Armenian government of the existence of disputes with the government. 

 “Lydian International has informed the British Embassy in Yerevan of the decision of Lydian U.K. Corporation Limited formally to notify the Government of the Republic of Armenia of the existence of disputes with the Government of Armenia under the 1996 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Armenia for the Promotion and Protection of Investments.  

It is regrettable that the unresolved issue relating to the Amulsar project has led to this decision and it is hoped that the Government of Armenia and Lydian International Ltd will continue their discussions towards a solution,” the embassy told Mediamax.

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