Chaarat confirms Lydian Armenia takeover talksOctober 25, 2022 - 13:27 AMT PanARMENIAN.Net - London-listed Chaarat Gold on Monday, October 24 confirmed that it was in discussions regarding the potential takeover of Lydian Armenia, the owner of the Amulsar gold mine, Mining Weekly says. Lydian Armenia is a 100% subsidiary of Lydian Canada Ventures, owned by US firm Orion Mine Finance and Canadian firm Osisko Gold Royalties. Development of the Amulsar mine was suspended in 2018, following protests against the project’s potential environmental damage. According to Armenian online publication Hetq, the government has extended mining rights to Lydian for another three years, until 2039, without the need for a new environmental impact assessment (EIA). Amendments to the mining legislation in June 2022 allow companies to mine with EIAs that are more than a year old, if work delays were caused by force majeure reasons, including civil disobedience. Chaarat said that the proposed acquisition would constitute a reverse takeover, owing to the size of the transaction. Accordingly, trading in Chaarat's shares would be suspended with immediate effect pending the publication of the required Aim admission document or an announcement that the potential acquisition would not proceed. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |