Two U.S. firms to invest more than $500 mln in Armenia

Two U.S. firms to invest more than $500 mln in Armenia

PanARMENIAN.Net - Investment from U.S. firms ContourGlobal and Lydian International will amount to about half a billion dollars over the next few years, U.S. ambassador to Armenia Richard M. Mills said in his remarks to American Chamber of Commerce of Armenia on Wednesday, February 1.

"ContourGlobal completed the acquisition of the assets of the Vorotan hydroelectric facility in 2016, and now represents the largest single U.S. private investment in Armenia’s history and the first U.S. investment in Armenia’s energy sector," Mills said.

"In addition, ContourGlobal plans to invest more than 70 million dollars over the next several years – and create about 150 near-term jobs."

Meanwhile, the ambassador said, another U.S.-affiliated firm, Lydian International, started the construction of its Amulsar mining project in 2016. By 2018, he says, Amulsar will likely represent the largest U.S. equity investment in Armenia, with construction costs estimated at 370 million dollars from 2016 to 2018.

"During the peak construction phase up to 1,300 jobs will be secured, while 700 people will be employed directly by Lydian Armenia during 10 years of production," Mills went on to say.

"I am happy to report that in a first for Armenia and mining operations here, Amulsar’s Environmental and Social Impact Assessment has been deemed fully compliant with standards set by the World Bank and the European Bank for Reconstruction and Development. Investment from ContourGlobal and Lydian will amount to about half a billion dollars over the next few years."

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