Armenian Minister of Energy and Natural Resources Ashot Manukyan met with British Prime-Minister of Trade and Investment Mark Pritchard in Armenia. Ambassador Extraordinary and Plenipotentiary of the United Kingdom to the Republic of Armenia Judith Fordworth also participated in the meeting. The possibilities of cooperation in energy and subsurface areas were discussed.

According to the press service of the Ministry, the Minister attached importance to the appointment of the Prime Minister's Trade and Investment Representative in Armenia, expressing conviction that it will promote the strengthening and deepening of trade and economic relations between the two countries. At the guests' request Ashot Manukyan presented the priorities of the sector. It was noted that in order to strengthen the country's energy security, they should increase the share of electricity produced from domestic renewable sources to 50% of the consumption in the next few years.

"In this regard, the most common use of solar and water resources is the priority," the minister said.

Among the priorities Ashot Manukyan has also highlighted the sphere of subsurface, where the first steps are being taken to introduce a "responsible" mining policy. "We have a problem here to attract investors who will be responsible for the sphere," said Ashot Manukyan.

As an example of a "responsible mining" they underlined "Lydian", a company that, according to Ashot Manukyan, has contributed new business culture and advanced corporate governance approaches to Armenia.

The Minister informed the guests about the steps taken and the ongoing initiatives in this sector of the economy.

The participants of the meeting expressed willingness to continue the discussions on further cooperation.

Let us remind you that Lydian Armenia is a British subsidiary of Lydian International, whose shareholders are international investors are from US, UK and a number of European countries, including IFC and EBRD. Amulsar gold mine exploitation project is the largest industrial project in Armenia today with a total cost of $ 370 million. The official launch of the project took place in August 2016, which envisages the beginning of the construction and mine development. The Amulsar mine exploitation period will be 10 years and 4 months, with an annual production of 200,000 ounces of gold (about 10 million tons of ore). The company's shares are listed on the Toronto Stock Exchange. Amulsar mine is the second largest in Armenia.

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