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Response by European Bank for Reconstruction and Development (EBRD)

Author: European Bank for Reconstruction and Development (EBRD), Published on: 13 February 2018

...The EBRD is a minority shareholder and has provided equity financing to Lydian International, which is earmarked for Environmental and Social Mitigation Measures including the financing of a biodiversity off set programme and the construction of water treatment facility and related activities. We would like to emphasise that the Amulsar Gold Mine Project is being developed in line with the policies of its shareholders through which the shareholders, including the EBRD, commit to integrating environmental, social and governance matters into their investment processes and ownership activities in line with international best practice...With specific regard to the reports produced by Mr Bronozian and associated specialists, in particular the concerns relating to the potential for Acid Rock Drainage (ARD), Lydian International has presented a technical paper responding to the claims point by point. EBRD’s internal specialists have reviewed these responses and also sought independent technical and environmental advice. The experts have confirmed that the potential for ARD occurring has been appropriately addressed and that the Company’s response was based on sound technical and environmental grounds. Overall, EBRD is confident that the Amulsar Gold Mine Project’s design, management systems and stakeholder engagement activities align with industry best practice and Lydian International has committed to continue to comply with international standards throughout construction, operation and closure of the mine.

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