Lydian International free to start arbitration process and dispute the create situation: economist

Economist Tatul Manaseryan does not exclude that the Lydian International may launch arbitration process on the background of disputes with the Armenian government.

“Of course, it is possible. It is their right to start arbitration process, there will be nothing illegal in it,” Manaseryan said, speaking to Aysor.am. He stressed that there is no need to be afraid of it. “It is just necessary to do what states usually do in such conditions – defend its interests,” the economist said, adding that the company’s step must not create panic.

“Not only local, but international experts must give evaluations that will be used in unbiased assessment of the situation,” Manaseryan said.

As to possible consequences of arbitration process on Armenia’s economy, the economist said no serious shocks will be registered, as to him.

“I suppose you are speaking about negative impact. In general, Armenia’s economy must develop based on reprocessing industry. What now takes place does not bring honor to our country. We seem to be in stone age – lifting raw materials from mines and exporting them. We do not create any new values,” Manaseryan said.

The economist said the issue must be viewed globally to raise the productivity and competitiveness. “This means that we must be able to at least create semi-fabricates from these raw materials to consume them not only in domestic but in foreign markets as well,” the economist said.

Lydian International Limited announced that, in connection with the ongoing blockades of road access to the Amulsar Gold Project, Lydian U.K. Corporation Limited and Lydian Canada Ventures Corporation, subsidiaries of the Company, have formally notified the Government of the Republic of Armenia of the existence of disputes with the Government of Armenia under the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Armenia for the Promotion and Protection of Investments, in force since July 11, 1996 (the “UK BIT”) and the Agreement between the Government of Canada and the Government of Armenia for the Promotion and Protection of Investments, in force since March 29, 1999 (the “Canada BIT”), respectively.