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3 Mar 2023

Armenia: Govt. signs investment agreement with Eurasian Development Bank for Amulsar gold mine, despite years of community protests over environmental & health concerns

Environmentalists and communities closest to the Amulsar mountain have been fighting against the exploitation of a gold mine there for many years because of the risks it poses to the water resources and the wellbeing of communities and the entire region. There are several court cases on this issue. Yet on the 22nd of February, a memorandum of understanding was signed between the Armenian government and the Eurasian Development Bank for $250 million investment. The operating company Lydian Armenia also agreed to transfer 12.5% of its shares to the Armenian government.

Business & Human Rights Resource Centre invited Eurasian Development Bank to comment. It did not.