Geoteam has paid more than 200 mln AMD to the local community budgets

As part of our stakeholder engagement and transparency policy Geoteam keeps the Amulsar project affected communities informed about the developments around Amulsar project, social, economic and environmental policies as well as other relevant information.
This week the community members received full and transparent report on how much payment Geoteam has made to the municipal budgets of Gorayk, Saravan and Gndevaz as land rent payments.
Geoteam has paid overall around AMD 200 mln (approximately $USD 500.000) to the municipal budgets of the three affected communities over the past 4 years as payments for the rent of municipal lands. Of which the three communities have received respectively:
Saravan- 157, 790, 420 AMD
Gndevaz- 41, 024, 252 AMD
Gorayk- 30, 546, 590 AMD
In 2013 Saravan has received more than 70 mln AMD, Gndevaz- more than 31 mln AMD, Gorayk- more than 25 mln AMD as land rent payments from Geoteam.
It is important to mention that before Geoteam started renting the municipal land from the three communities the annual budget of Gndevas, Gorak and Saravan were around 1.5 to 5 mln AMD annually.
We hope that the significant contribution of Geoteam to the community budgets in the form of land rent will ensure sustainable development of the surrounding communities in addition to the social projects, employment and other current and future economic benefits of the Amulsar project. We will continue keeping the communities informed about the monetary contribution to their budgets and we hope that all the communities’ members will take active participation in the effective management of these significant funds.