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The country is democratic and currently undergoing rapid growth. According to the Heritage Foundation / Wall Street Journal, the country is perceived as having the most liberal investment and trade regime in the Commonwealth of Independent States (CIS), the former Soviet Republics. Armenia's Index of Economic Freedom for 2008 is above the World average. There is an independent Judiciary and laws protecting foreign investors against legislative changes. Armenia is a member of the World Trade Organisation, is a signatory to the International Convention on Investment Disputes and is a member of the International Centre for the Settlement of Investment Disputes (ICSID).
Newmont has two options to increase its interest. The first is an option to earn a further 20% by funding the project from scoping through to feasibility; the second option allows Newmont to earn a further 10% by funding through to commercial production. At commercial production Lydian is to pay back its share of funds (from completion of the feasibility study to commercial production) plus interest, advanced by Newmont from 85% of its share of dividends and distributions. Interests for non-contributing results in dilution by a standard formula. There are no claw-back agreements and interests can be freely transferred with a first right offered to the other party.
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Lydian Intersects 96m at 1g/t and Further New Gold in Final Results from 2009 Step-Out Drilling at its Amulsar Gold Discovery in Armenia: Resource Update Underway.
Armenia is well known for its mineral resources and long mining history. In recent years, exploration activities and mining investment has been on the increase, companies such as Canadian listed Dundee Precious Metals, US-companies Freeport-McMoRan and Global Gold and the German company Cronimet, now have exploration and production operations in Armenia.
Armenia forms part of Lydian's Caucasus exploration joint venture with Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation (NYSE & ASX: NEM; TSX: NMC). The joint venture is a 50%-50% contribution focussed principally on discovering new gold deposits in the highly prospective region. Lydian is the manager of the joint venture and has the option to own up to 100% of any discovery.