Yerevan /Mediamax/. Geoteam CJCS Managing Director Hayk Aloyan stated today, that Amulsar project is the first international project in Armenia that presents a wide range of reputable international institutional investors.

Speaking on the recent criticism towards Geoteam, Hayk Aloyan has said:

«The company is not yet making any cash flow from the Amulsar mine and with production planned to start in late 2015, we have already invested more than $ 50 million into the economy, provided well paid jobs and been involved with economic activity and tangible social benefits in the region. In fact, thanks to the project there is now an in-migration in the surrounding villages and out-migration has reduced since the project began in 2007. Geoteam now employs not only 160 people in the surrounding villages; it also employs high-class local specialists such as- geologists, engineers, mapping specialists, environmentalists, biologists etc.»

Hayk Aloyan has emphasized that «once the project starts bringing revenues the company will get only around 24 percent of the price of the extracted gold».

«Around the same amount 22% will go direct to the state budget in form of taxes and royalties. The rest of the money around the 54% will constitute the capital and operational expenditures, the bulk of which will again be invested in the country in the form of salaries, construction and services».

«Armenia warrants having considerable foreign investments and sustainable development of its mining sector that will benefit the country and the people. Modern technologies do provide the opportunity for the best environmental management of mining projects and there are hundreds of examples of this worldwide. If well managed, mining can contribute greatly to the economy while providing high life standard and best environmental management. This is what we are committed to demonstrate at Amulsar», concluded Hayk Aloyan.