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 Thursday, November 26 2015 20:46

Geoteam CJSC invested 240 thousand USD in its social projects in 2015

Geoteam CJSC invested 240 thousand USD in its social projects in 2015

In 2015 Geoteam CJSC under the corporate social responsibility program (CSR) has invested 240 thousand USD in development of social educational structures, improvement of urban infrastructure and support of small businesses in the communities of its operational activities. 

The Manager of Social Programs of Geoteam CJSC Nara Ghazaryan told the journalists that the company intends to take the responsibility for the development of the communities of the region, and added that since 2007 Geoteam CJSC has invested 2 million USD in implementing social projects. 228 thousand USD was invested in educational infrastructure of Jermuk city.  Geoteam ensured conduct of reconstruction in Art school N2 and Zatik kindergarten. According to the school director Khachik Yenokyan, the company's assistance resulted in growth of schoolchildren's number to 190 versus 140 in 2014. Geoteam jointly with Zangagatun public organization invested 10 thousand USD in secondary school named after Maxim Gorky in Jermuk within the environmental program. Particularly,  " From Waste to Souvenir" project was lunched, under which the schoolchildren and their parents were taught skills of preparing useful items from the collected plastic waste. At the same time, Geoteam jointly with Regional Environmental Center for Caucasus invested 10 thousand USD in Jermuk fire station. The company also sponsored the repair work of the water pipe, which will supply water to a population of 10 thousand people, living in the neighbor communities. 

Under CSR program Geoteam implemented another project aimed at establishment of a cooperative of dried fruit in Gndevaz community, in which the company invested 70 thousand USD. According to Mesrop Harutyunyan, a member of cooperative, the company implemented reconstruction of the production space and provide the villagers with technical equipment for producing and packing dried fruits. "The establishment of the cooperative played an important role in the life of the community. We managed to provide our people from socially vulnerable families with jobs and at the same time to increase the level of economical condition of the community", Harutyunyan mentioned, adding that the profit from the sale of dried fruits in Yerevan has already totaled 2 mln AMD this year. The cooperative member also informed that as a result of the first year 4 tons of fruits were collected, from which 600 kg dried fruit was produced from apricot and another 600 kg from plums. In future according to Harutyunyan, the cooperative will enter new markets and will increase the amount of production. 

To note, Geoteam CJSC is an Armenian mineral exploration and development company. Geoteam CJSC is a 100% owned subsidiary of Lydian International Limited. Geoteam CJSC, was incorporated in 2005 and after an extensive campaign of geological exploration in Armenia discovered what is now its flagship project; the Amulsar mountain.  Since 2006, the investments in exploration and other operations in Amulsar has amounted to nearly 70 million USD.  Amulsar is a new gold discovery, the first for over 20 years in Armenia.  Geoteam CJSC is carrying out geological exploration in the Amulsar area of RA Vayots Dzor Marz, under a Prospecting License, granted in 2006 by RA Ministry of Nature Protection.  The key shareholders of the Lydian are IFC, EBRD and Newmont Mining Corporation.  The feasibility study demonstrates Amulsar as a compelling opportunity for a large scale, low cost operation utilizing open pit mining and conventional heap leach processing.  Highlights include:  total recoverable gold of 2.1 million ounces over a 10.4 year mine life; gold production averaging over 200,000 ounces per year; initial capital costs of $426 million; low all-in sustaining costs of $701 per ounce of gold; 84% gold recoveries and 2.8:1 strip ratio; accelerated after tax- cash flows to support early payback and project financing. The Amulsar project envisages creation of 1,500 jobs in the course of construction and 700 jobs throughout the entire operation of the mine within the next 10 years. 

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