EBRD terminates investment in $400m gold mine in Armenia, 13 August 2020

The European Bank for Reconstruction and Development investment in a controversial $400m gold mine in Armenia is to end, a new assessment by the bank’s complaint body states, according to openDemocracy.

For the past two years, Lydian International’s Amulsar gold mining project in southern Armenia has been under blockade by local people and environmental activists, who blocked access to the mine in the wake of the country’s 2018 "velvet revolution". News that the EBRD’s investment is due to end comes as protests have been renewed at the Amulsar site in recent weeks, after the Lydian group hired a new private security firm and removed a trailer belonging to activists.

The London-based development bank has funded exploration, drilling and feasibility studies and environmental and social mitigation measures by Lydian since 2009, and has been targeted with criticism by civil society groups over its support for the company.