TSX-listed gold developer Lydian International, which is developing the Amulsar gold project, in Armenia, on Thursday announced that its senior lenders have agreed to extend the initial loan repayment date and the availability period from August 15 to August 31.
“Lydian continues to have further discussions with key stakeholders in order to complete comprehensive revisions to several key funding instruments to ensure appropriate funding is available to Lydian as it works to remove illegal blockades at the Amulsar site, resuming construction activities and completing construction and commissioning of its Amulsar project,” Lydian president and CEO João Carrêlo said.
Mining Weekly Online reported earlier this month that illegal road blockages were preventing access to the Amulsar site and that the company had issued termination notices to about 30% of its workforce, idled construction contractors and warned of more job cuts to pressure the Armenian government to intervene.
Protestors were blocking roads in response to the change of government in May.
Before the demonstrations started affecting access to the Amulsar site, Lydian was working towards entering production at the 225 000 oz/y mine in the fourth quarter, ramping up to full output in 2019.