After a roller coaster of a year in 2013, Armenian gold developer Lydian International (LYD:TSX) has found a replacement for their founding President and CEO, Dr. Timothy Coughlin who announced his retirement last year. The company has elected Howard H.J. Stevenson to its Board as well as to lead the company as President and CEO through the development and into operation (provided they obtain all of their permits) of the Amulsar gold project.
Currently, Mr. Stevenson announced his retirement, today as President and COO of Alacer Gold (ASR:TSX). While at Alacer, Mr. Stevenson supervised the construction of the Copler gold mine, building a successful heap leach operation and overseeing the commencement of production and ongoing operations at the mine. Prior to joining Alacer, Mr. Stevenson served as VP, Business Development of Meridian Gold Inc. and VP, Venezuelan Operations of Gold Fields Ltd.
"I understand the challenges Lydian faces as it continues to work toward the development of a mine at Amulsar, and also the great opportunities available to the Company. I am confident that, together with the management team, I can address these challenges and deliver on the Company's commitment to creating value for its shareholders, by realising the great potential of the Amulsar Project," said Mr. Stevenson.
In July of this year, Lydian took it on the chin following a resolution passed by the Armenian government that modified the basin catchment area of Lake Sevan. This led to Lydian, essentially, having to bring their heap leach and processing site plan back to the drawing board. Then in the fall, the company announced the government had given them an initial pass on their proposed new location of the heap leach and processing site which is located roughly 7km from the original location.
The last we heard about the permitting process in Armenia was in mid-December when the company stated the following in a new release:
The Company continues to focus its efforts on the permitting process for the Amulsar gold project and completing the related environmental and social impact assessment(ESIA), feasibility study and detailed engineering plans, in preparation for its planned mine construction and commencement of production.
Here's the long-term chart:
LYD data by YCharts
Read: LYDIAN ANNOUNCES SELECTION OF SUCCESSOR PRESIDENT AND CEO
Related: Lydian’s Amulsar Almost Back in Action
Also: Gold Developer Lydian International Amends Proposed Heap Leach Location In Armenia