IFC Won't Refuse from Amulsar Project

IFC Won't Refuse from Amulsar Project

EcoLur

The International Finance Corporation (IFC), a member of World Bank group, won't refuse from Amulsar project. Dimitris Tsitsiragos, IFC’s Vice President of New Business, informed in his letter addressed to civil society organizations that the ESIA of Amulsar project met IFC Performance Standards requirements.

Reminder: Armenian Environmental Front, "Ecological Academy" NGO, EcoLur Informational NGO, Greens Union of Armenia, Jermuk Development Center and Mining Watch Canada had addressed an open letter to to the Board of Directors of the World Bank, COO and VPs of the International Finance Corporation so as the IFC refuses from Amulsar project and stops supporting it in any manner. The letter describes the impact of water resources on water resources and the risk of asidic drainage in case of Amulsar project implementation, heap leaching method with the use of sodium cyanide, risks threatening to the communities located downwards the Arpa River, as well as the risk for other projects funded by the World Bank.

In his reply letter, Dimitris Tsitsiragos, IFC’s Vice President of New Business, said,

“Dear civil society organizations,
Thank you for your letter dated April 24, 2017, to the Board of Directors of the World
Bank, COO and VPs of the International Finance Corporation. We value your views on the
Amulsar project. Open communication is a vital part of our environmental and social impact
assessment process, which is enshrined in IFC Performance Standards.

IFC supports development of the mining sector in Armenia, with the aim of boosting
private sector growth. As part of this strategy, we became a shareholder in Lydian in 2007,
supporting its Amulsar gold mining project.

Implementation of the Amulsar project is expected to have important economic benefits
for Armenia, including generating revenue for the state and boosting employment in rural areas of the country.

IFC applies the highest environmental and social standards to the projects it finances and
its clients. The Amulsar project is subject to these same standards and international best practice.

We feel that the concerns expressed in your letter were addressed by the Environmental
and Social Impact Assessment (ESIA) of the Amulsar project prepared by independent
international consultants, with the support of Armenian institutes and experts. The ESIA for
Amulsar has gone through several reviews by a number of specialist parties prior to being
disclosed by Lydian. IFC conducted its own review and was satisfied that the ESIA met IFC
Performance Standards requirements.

However, please note that Lydian was able to successfully complete financing of the
project with funding from a number of other parties, so IFC is not considering additional
financing for the mine development. You may also wish to contact Lydian if you have any
additional question.”

18:40 May 10, 2017


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