As part of the recently completed CAO investigation into IFC’s due diligence on the Amulsar project – the IFC has responded with the following statement:

“We are pleased to note that in its report, CAO recognizes IFC’s contributions to the (Amulsar) project in preparing an ESIA in line with IFC’s Performance Standards and good international industry practice. This is a significant achievement and standard setting for Armenia’s mining sector. Given that Lydian has succeeded in attracting funding for mine development from private sector sources, IFC has divested its investment in Lydian, as we seek to deploy our capital where it is needed most to foster sustainable economic development. IFC is therefore no longer overseeing mine development. Nevertheless, we believe that the sustainable development of the Amulsar project has the potential to contribute to economic growth in Armenia”.

It is also worth noting that EBRD is among the participating funding sources for the project and continues to monitor the project Environmental and Social Performance to ensure adherence to EBRD’s Performance Requirements.