On October 10, 2026, Armenian Prime Minister Nikol Pashinyan attended the ceremonial launch of the Amulsar gold mine in Vayots Dzor, marking a significant milestone for the country’s mining sector. The event celebrated the first extraction and smelting of gold, signifying the commencement of operations at the site. Pashinyan described the launch as a ‘success story’ and highlighted the importance of community engagement and transparency in the project, especially given the mine’s controversial history.
During his address, Pashinyan emphasised that the natural resources belong to the people of Armenia and should contribute to the nation’s development and prosperity. He noted that the project represents a partnership between investors, local organisations, and the government, aiming to foster a sense of ownership among the citizens. The Prime Minister also pointed out that the mine’s operations would generate significant economic benefits, including job creation and increased tax revenues, which could be reinvested into public services such as infrastructure and education.
The Amulsar project, developed in collaboration with Lydian Armenia, involves an investment of approximately $750 million, with $150 million backed by a government guarantee. The mine is expected to produce around 210,000 ounces of gold annually, contributing an estimated $130 million in taxes and royalties to the state budget. Pashinyan expressed optimism about the mine’s potential to enhance Armenia’s GDP by 1.5% to 2% and create over 4,000 direct and indirect jobs.
The Prime Minister also addressed environmental concerns, stating that extensive discussions had taken place to ensure responsible mining practices. He reiterated the government’s commitment to social responsibility, with plans to allocate $7-9 million annually to socio-economic development programmes in the surrounding communities.
In conclusion, Pashinyan celebrated the launch as a pivotal moment in Armenia’s mining history, hoping it would pave the way for future projects and investments. He underscored the need for the mining industry to adhere to high standards of environmental and social responsibility, positioning it as a key driver of national development. The Amulsar gold mine is poised to play a crucial role in transforming Armenia’s economic landscape and fostering sustainable growth for its citizens.
