Armenia: Amulsar gold mine poses high risk of water contamination & adverse environmental impacts, say experts; inc. company & shareholders' responses

The report "Amulsar Gold Project: Overview of Concerns with the Amulsar Gold Project, Potential Consequences, and Recommendations" by independent experts argues the Amulsar gold mine project, owned by Lydian International, poses a high risk of long-term, adverse impacts to the environment, including drinking water resources in Armenia.

Business & Human Rights Resource Centre invited the company and its reported shareholders to respond. Lydian International, RBC Asset Management, European Bank for Reconstruction & Development (EBRD), Resource Capital Funds and Orion Mine Finance responded. Franklin Resources Inc., Donald Smith & Co., Amber Capital and ASA Gold & Precious Metals Limited did not respond.

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Company response
13 February 2018

Response by RBC Global Asset Management

Author: RBC Global Asset Management

At RBC GAM, we view the integration of environmental, social and governance (ESG) factors into our investment processes as part of our fiduciary duty…Our investment teams carefully consider all ESG factors that may have a material impact on our investments. We also take an active approach as an investor and engage directly with management and/or the directors of the companies in which we are invested in…Our RBC Global Precious Metals Fund portfolio managers have been closely monitoring Lydian and its operations, including the Amulsar mine project, over the past four years… I have provided the team with the information you forwarded to ensure that it is considered as part of the ongoing evaluation of our investment. In addition, we will consider the issues you have raised as part of our ongoing engagement program...

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