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Lydian shares up 11% as Armenian prosecutors ordered to probe Amulsar protesters

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Lydian shares up 11% as Armenian prosecutors ordered to probe Amulsar protesters

Shares in Toronto-listed Lydian International Ltd. rose almost 11% by market close on Aug. 16 after it won a court ruling that required Armenian prosecutors to initiate criminal proceedings against protesters at the company's Amulsar gold project.

An environmental audit recently cleared Lydian from any criminal charges over the project, where an illegal blockade set up in June 2018 has prevented development at the site and put the miner on the brink of further defaults.

Lydian said Aug. 16 that the Cassation Court, Armenia's highest court, rejected in July an appeal by the Deputy Prosecutor General seeking to overturn a previous court ruling that favored Lydian's appeal over the local police's denial of its request to launch an investigation.

As a result, Armenian prosecutors launched Aug. 14 a criminal investigation into the protesters under the articles of hooliganism and arrogation of the Armenian Criminal Code.