Lydian International = Amulsar Gold Project, Armenia - TSX:LYD

Lydian International Ltd.


lydianinternational.co.uk

Stock price: LYD (TSE) $0.20 -0.01 (-4.76%)
Aug. 30, 4:00 p.m. EDT - Disclaimer

Headquarters: Colorado, United States

Founded: 2005

Subsidiaries: Lydian Resources Armenia, 

 

Lydian International Limited is a gold-focused mineral development company pursuing resources in emerging and transitional geopolitical regions. The Company's main project is the Amulsar Gold Project, a gold development-stage project located in the Republic of Armenia. 

The Company holds a combined exploration-mining license covering an early-stage gold prospect known as the Kela Project in the Guri region of the Ozurgeti province in Georgia. 

The Amulsar project covers a region of epithermal-type gold mineralization located in southern Armenia. 

It is open in all directions, including depth. 

The Amulsar gold project is located approximately 170 kilometers south of Armenia's capital Yerevan on the border between the provinces (Marz) of Vayots Dzor and Sunnik. 

It holds approximately two Mineral Exploration Licenses and a mining license for the Artavasdes and Tigranes open pit at Amulsar, through its 100% owned Armenian subsidiary Geoteam CJSC.

» Full Overview of LYD.F (Frankfurt

 

Lydian International Limited Key Developments

Lydian International Limited to Appoint Russell Ball as New Director

Jun 18 18

Lydian International Limited announced that its board of directors intends to appoint Russell Ball as a new director immediately following its upcoming annual general meeting on June 28, 2018 based on the recommendation of the governance committee. 

Mr. Ball has advised that he is willing to join the Board. Due to timing limitations under Jersey law, the Board cannot add Mr. Ball to the notice of annual general meeting, management information circular and form of proxy for the AGM, but if the directors as set out in the notice of annual general meeting are elected at the AGM, they currently intend to appoint Mr. Ball to the Board immediately following the AGM. 

Mr. Ball is a former Executive Vice President and Chief Financial Officer of Goldcorp Inc. and Newmont Mining Corporation. 

Mr. Ball joined Goldcorp in May 2013 as Executive Vice President of Projects and Capital Management and in December 2014 was appointed Executive Vice President of Corporate Development and Capital Projects. He served as Chief Financial Officer and Executive Vice President of Corporate Development from March 2016 to October 2017.

Lydian International Limited Announces Management Changes

May 1 18

Lydian International Limited announced that Howard Stevenson, President and Chief Executive Officer of the company and a member of the Board, has resigned effective May 1, 2018. The company also announced that the Board of Directors has appointed João Carrêlo as President and Chief Executive Officer and a member of the Board, effective May 1, 2018. He currently serves as a non-executive director on the boards of TMAC Resources Inc. and Lucky Minerals Inc.

Lydian International Limited, Annual General Meeting, Jun 28, 2018

Apr 20 18

Lydian International Limited, Annual General Meeting, Jun 28, 2018, at 10:00 Eastern Daylight. Location: 5300 Commerce Court West 199 Bay Street Toronto Ontario Canada Agenda: To elect, by way of separate ordinary resolutions, the following directors of the Corporation who will serve until the end of the next annual general meeting or until their successors are appointed; and to re-appoint, by way of an ordinary resolution, Grant Thornton LLP as the auditors of the Corporation fro


m the close of the Meeting until the close of the next annual general meeting of the Shareholders and to authorize the directors to fix the remuneration to be paid to the auditors.





Initial 10-year mine life
Low all-in sustaining costs of $579/oz

LARGE-SCALE, LOW-COST EMERGING GOLD MINE

Lydian’s 100% owned Amulsar Gold Project contains nearly 5 million ounces in mineral resources with targeted production averaging 225,000 ounces annually at low all-in sustaining costs of $ 579 per ounce of gold produced.

TSX:  LYD

www.lydianinternational.co.uk 

1

 

Organic growth potential from defined additional gold resources

Deposit remains open at depth

After-tax leveraged NPV (5% discount) of $525 million

2

First gold pour generates the opportunity for re-rating

Experienced leadership team

Catalyst-rich year with construction milestones

 

Lydian Provides Corporate Update

TORONTO, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX: LYD) ("Lydian" or "the Company") announced today that it has received an inspection report for the Company’s 100%-owned Amulsar Gold Project from the Republic of Armenia Environmental and Mining Inspection Body in connection with the previously announced compliance audits of Armenia’s mining sector.

Following the audit, the Environmental and Mining Inspection Body made the following recommendations:

• Improve annual statistical reports;
• Restore any agricultural land that was disturbed during construction activities;
• Decommission two temporary mobile crushers that were not contemplated in the original construction program;
• Review and modify the permit for higher than expected static-sources-generated atmospheric emissions;
• Install temporary fencing around construction areas and construct a site carwash station to prevent mud from being carried offsite; and
• Manage and document hazardous waste (such as, oils and diesel) disposal through appropriately licensed means.   

 

The Company will work with the government to address these matters in an expeditious manner. 

The regulatory process allows Lydian to appeal any of these recommendations within a two-month period following receipt of this report.

Following the inspection report, Mr. Artur Grigoryan, head of the Republic of Armenia Environmental and Mining Inspection Body, directed the Company to refrain from any mining-related activities until the Ministry of Nature Protection conducts a study of ecological factors regarding Mr. Grigoryan’s statement in which he alleges newly found red-listed plants and animal species, specifically, the fact that Acantholimon caryophyllaceum Boiss plant species and Parnassius apollo animal species have been identified at the Amulsar Gold Project for the first time. 

The Company disagrees with this finding based on the Company’s previously accepted Environmental Impact Assessment and intends to take all necessary action to reverse this assertion, including appealing the issuance of the directive.

Mr. Joao Carrelo, President and Chief Executive Officer of Lydian, stated, “We will work with the Environmental and Mining Inspection Body to address its concerns and consider its recommendations. 

However, we do not believe Mr. Grigoryan’s directive is applicable and are taking actions to have it withdrawn. We continue to work with the government and our stakeholders to re-enter the site and respond to the audit recommendations as appropriate.”

About Lydian International Limited

Lydian is a gold developer focusing on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. Amulsar will be a large-scale, low-cost operation with production targeted to average approximately 225,000 ounces annually over an initial 10-year mine life. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Estimated mineral resources contain 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces as outlined in the Q1 2017 Technical Report. Existing mineral resources beyond current reserves and open extensions provide opportunities to improve average annual production and extend the mine life. Lydian is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility. For more information and to directly contact us, please visit www.lydianinternational.co.uk.

For further information, please contact:

Doug Tobler, Chief Financial Officer +1 720-307-5087

Or: moreinfo@Lydianinternational.co.uk

 

Source: https://www.lydianinternational.co.uk/news/2018-news/438-

Rosneft May Challenge Crystallex Claim To Citgo Shares

 

 

Will this be an American court going up against one of Putin's Oligarcs?

U.S. Judge Allows Crystallex Claim To Citgo Shares

Venezuela creditors eye oil assets over unpaid debt Venezuela’s sliding oil exports a boon for prices Venezuela national oil company sued in New York fast

FT Petroleos de Venezuela SA US judge allows Crystallex to seize Venezuela’s Citgo Decision over US-based oil refiner is another financial blow to cash-strapped nation 

Venezuela’s efforts to stay afloat financially have suffered another blow after a judge in the US gave a Canadian mining company permission to seize the shares of the Venezuelan holding company that owns Citgo, a US oil refiner. 

The judge on Thursday ruled that Canada’s Crystallex has the right to claim the shares of PDV Holding Inc to compensate it for around $1.4bn it is owed by the Venezuelan state. 

The case dates back to 2011 when Venezuela nationalised Las Cristinas, a gold reserve owned by Crystallex. The Canadian company took Venezuela to the World Bank’s international arbitration tribunal ICSID and won, but Venezuela refused to pay up. 

Crystallex therefore went after Citgo as compensation, arguing that PDV Holding Inc, which is owned by Venezuela’s state-owned oil company PDVSA, is essentially an “alter ego” of the Venezuelan state. 

The case is one of many arbitration cases involving Venezuela and foreign companies. 

Earlier this year US oil company ConocoPhillips tried to seize PDVSA assets in the Caribbean, including products stored at its Isla refinery on the island of Curaçao. 

Citgo is the jewel in the crown of PDVSA’s foreign holdings. The Houston-based company not only operates gas stations but has three refineries in the US with a capacity to refine 750,000 barrels of crude a day. 

It also produces lubricants which are vital for Venezuela’s refining of its heavy crude. 

Ángel Alvarado, a Venezuelan opposition member of Congress and an economist, said Thursday’s decision was an even bigger blow to PDVSA that the ConocoPhillips move “because it will seriously affect the import of diluents from the US, one of the raw materials for the extraction of heavy and extra-heavy crude.” 

In his brief ruling, Judge Leonard Stark of the Delaware District court did not give his reasoning. His full decision is under seal. 

“Crystallex and PDVSA shall meet and confer and, no later than August 16, 2018, submit a joint status report providing their position(s) as to how this case should now proceed,” he said.

 

 Link: https://www.ft.com/content/70189b76-9c43-11e8-9702-5946bae86e6d

• Crude Oil Imports At China’s Independent Refiners Rebound

Rosneft May Challenge Crystallex Claim To Citgo Shares

By Irina Slav - Aug 23, 2018, 12:00 PM CDT

Rosneft has asked a U.S. federal court to establish “a robust appraisal and sale process” of Citgo shares following Canadian miner Crystallex’ win at court against the parent company of Citgo, PDVSA, Argus Media reports citing documents submitted by Rosneft to court.

"Such a course of action is particularly appropriate under the circumstances given the multitude of parties and interests potentially affected by a sale of PdVH," the documents said.

Crystallex was ruled the winner in a long-running case against Venezuela, which it has sued over the forced nationalization of its assets by the Hugo Chavez government. A U.S. federal judge last week awarded the miner the right to approach Venezuela’s U.S. oil unit, Citgo, to seek its compensation of US$1.4 billion.

Yet the Russian state company has priority rights over 49.9 percent in Citgo. PDVSA used the stake as collateral for a US$1.5-billion loan provided by Rosneft in 2016. 

The move at the time sparked a lot of negative comments in the United States, with some legislators worried that Rosneft could at some point take control over the U.S. company. The rest of the Citgo stock has been pledged as collateral to a PDVSA bond issue that matures in two years, Argus Media notes.

Now Crystallex wants to take control over the refiner, which operates a refinery network with a daily capacity of 750,000 bpd, and then sell the stock on to another investor or investors to get its US$1.4 billion. 

The sum was awarded to the Canadian miner as compensation for the forced nationalization of its operations in Venezuela by the Hugo Chavez government.

At the time, the Associated Press noted that the ruling by Chief Judge Leonard P. Stark is unique: government assets such as Citgo’s parent, PDVSA, are as a rule protected from lawsuits targeting a state. 

Yet in Stark’s ruling, the judge said that Venezuela had blurred the lines between the government and the state oil firm, with a military official at the helm of PDVSA.

By Irina Slav for Oilprice.com  


Link: https://oilprice.com/Latest-Energy-News/World-News/Rosneft-May-Challenge-Crystallex-Claim-To-Citgo-Shares.html

Cannabis ‘Gold Rush’ will boost retail in Canada

Cannabis ‘Gold Rush’ will boost retail in Canada, RioCan says 

https://www.thestar.com/business/real_estate/2018/08/09/cannabis-gold-rush-will-boost-retail-in-canada-riocan-says.html 

via @torontostar