Lawyer and human rights defender, Nazeli Vardanyan, stated that “Lidyan Armenia” does not have the mining rights to present the disputes of the Amulsar mine. Vardanyan expressed her concerns regarding the announcement of Lidyan Armenia’s intention to present 12.5% of the shares to the Government of Armenia. She emphasized the need to assess legal matters by examining the relevant documents and questioned who the shares are actually being given to since Lidyan Armenia does not have mining rights.

It is important to note that initially, all of Lidyan Armenia’s shares belonged to the offshore-registered company, Lydian International. The issue is currently being disputed in the court of Ontario and has undergone restructuring. The shares are now held by two organizations, Osisko and Orion, which were not mentioned during the recent announcements regarding the shares. Therefore, Lidyan Armenia does not have the right to present shares from these organizations.

Vardanyan further raised concerns about the value of these shares, stating that they actually have no value. Lidyan Armenia inflated the value of the shares by claiming to have found new gold-rich zones. However, Lidyan Armenia is not registered as a gold producer and does not possess the gold bars they are claiming. The lawyer pointed out that the largest gold mine in Armenia is Sotk, which has ten times more gold bars than Lidyan Armenia. The company’s relocation of its registration further diminishes the value of the shares.

The lawyer also criticized the lack of an audit conducted by the Government of Armenia. Without an audit, it is impossible to determine the worth of the shares, the financial situation of the company, and the obligations and liabilities associated with it. Vardanyan questioned why the government is willing to accept 12.5% of the shares without demanding a new audit.

Vardanyan also highlighted the dangers of tailing dams, noting that both local and international experts consider the risks to be unacceptable. She warned that water pollution from the dams could have lasting effects for 500 years and endanger 80% of Armenia’s water resources. The lawyer stressed that pollution caused by such actions would be an unsustainable crisis.

Overall, the statements made by Nazeli Vardanyan raise significant concerns about Lidyan Armenia’s ability to present the disputes of the Amulsar mine, as well as the value of the shares they claim to offer. Additionally, the lack of an audit by the Government of Armenia raises questions about their decision to accept these shares without fully understanding the company’s financial situation and obligations. The potential dangers of tailing dams further compound the issues surrounding the mine.