Hayk Aloyan: first, let’s increase the country’s mining production capacity

Armenia risks losing its mining sector by 2038 if geological exploration is not prioritized, warned Hayk Aloyan, CEO of Lydian Armenia, during the “Mining in Armenia 2025” forum on October 3.

“We have resources—eight mines currently producing copper, molybdenum, gold, and other metals. Yes, metal prices are high today. But do we know what they will be in 2038? Will there still be demand for these metals considering technological advancements?” Aloyan asked.

He noted that gold prices have risen so significantly that the Amulsar mine should be brought into operation as soon as possible. He suggested a two-step approach: first, increase the production capacity of existing mines, and then focus on geological exploration.

From a practical standpoint, Aloyan stressed that fast-growing companies implementing strategic projects must prioritize corporate security, maintain open dialogue with the public, and closely cooperate with the government.

“Our company’s corporate governance, based on environmental, social, occupational safety, and transparency standards, attracts foreign investors. Our experience shows that this approach helps capture the attention of partners—especially when paired with a solid project plan. A stable legislative framework is also crucial, as investors need to plan their financial flows and management activities for the coming years. These factors enabled us to secure timely funding and develop programs that support future economic growth,” Aloyan emphasized.