The CEO of gold developer Lydian International, Joao Carrelo, has resigned and will step down on June 12, as part of a restructuring programme for the company’s whose ability to continue as a going concern is dependent on a resolution with disputes in Armenia.
Carrelo would continue to assist Lydian on a consulting basis going forward, chairperson Russel Ball announced on Thursday.
The company has appointed board member Edward Sellers as interim president and CEO.
Illegal blockades have prevented access to the Amulsar mine site since late June. The company in March notified the Armenia government of disputes relating to the blockages of road access. Under UK law, Lydian UK could submit the dispute to international arbitration three months after such formal notification and under Canadian legislation, it could do so after six months.