Minister of Economy Gevorg Papoyan on Monday signed the Community Development Agreement as part of the Amulsar gold mine project, which envisages community development investments of $7-9 million annually and $10.5 million for the first 18 months, the Ministry of Economy of Armenia informed Armenian News-NEWS.am.

The agreement was signed between Lydian Armenia CJSC, the Armenian government—represented by the Ministry of Economy, as well as Jermuk, Vayk, and Sisian communities.

Under the agreement, Lydian Armenia CJSC undertakes to make these annual financial investments in Armenia’s community development: during the construction phase, Armenian drams equivalent of $7 million per year, during the production phase, Armenian drams equivalent of $7 million $9 million drams per year, depending on the average gold price during the relevant period, and for the first 18-month period from July 1, 2025 to December 31, 2026, Armenian drams equivalent of $10.5 million.

The agreement also provides for the establishment of the Amulsar Community Development Foundation, through which the main part of the aforesaid funding and management of community development projects will be implemented.

The purpose of the agreement is to establish a single legal and institutional framework for the provision, management, distribution, and oversight of financial support aimed at the socioeconomic development of communities affected by the Amulsar gold mine project.