Projects
About Armenia
At the cusp between Europe and Asia
Stable Jurisdiction
- Multi-party democratic republic with a parliamentary system of government
- Western-looking government with strong ties to the UNited States & Europe
- Actively seeking Western investment
- Strong economic growth
- 5% GDP growth est. in 2024
- Member of OSCE, Council of Europe, IMP, World Bank and EBRD
- Safe, low-crime, friendly-to-foreigners
Mining Focus
- Modern, established Mining Law (2003) and Mining Code (2011)
- Transparent exploration permitting process
- Exploration Licences granted for an initial three year term with three, two-year extensions permitted
- EITI member since 2017[1]
- The metals and mining sector plays an important role in Armenia’s economy
- Contributes app. 7% to GDP, with ZCMC (Zangezur Mining) being the largest taxpayer in Armenia. This will increase as Amulsar restarts in 2026
- App. 30% of export revenue is derived from copper, molybdenum and gold [2]
- Top 10 molybdenum producer, accounting for 4% of global molybdenum supply in 2021[3]
- 8 major operating mines, with production primarily centred around copper, molybdenum and gold
- Amulsar: new western-owned major gold mine in construction, first pour expected 2026
- Good infrastructure and relatively low operating costs
The Right Geology – the Tethyan Metallogenic Belt (TMB)
- Armenia is underlain by the TMB - the world’s longest and one of the major metal producing belts
- The TMB in Armenia hosts several major precious and critical metal mines and deposits, including:
- the >4 Moz Sotk gold mine, in production for almost 50 years
- the Amulsar gold deposit, with first gold pour scheduled for 2026 (overall resource base of 4.8 Moz of gold and 25.1 Moz of silver)
- The TMB in Armenia is prospective for epithermal gold and porphyry copper-gold deposits
- The TMB in Armenia is vastly underexplored and ripe for discovery
- Hayasa has used its first mover advantage to assemble a highly prospective project portfolio and is actively reviewing both advanced stage assets and greenfield exploration properties to add to the portfolio
