Lydian International—which for two years has been trying but failing to progress its stalled, 75%-complete Amulsar gold mine project in Armenia, as it has been blocked from the site by environmental protestors—has applied to the Royal Court of Jersey to be wound up “on a just and equitable basis”, Mining Journal reported on August 18.

The wind-up is reportedly one of the final steps of the company's plan of arrangement with secured creditors, under the Companies' Creditors Arrangement Act (CCAA) approved by the Canadian Superior Court of Justice in Ontario and effective as of July 6.

The company has faced numerous permitting and legal setbacks and has been unable to access Amulsar since June 2018 due to an illegal blockade over environmental concerns, the journal recapped.

It added: “Local media outlets have reported tensions at the blockade escalated this month after new management elevated security. There were reports of protestors' cabins being removed, security running over three puppies and police arresting 10 protestors and two security personnel.”

Under the plan of arrangement, "substantially all" of Lydian's assets were assigned to a new entity, or restructured Lydian, it was reported.

Lydian was granted CCAA protection in December after its lenders were not prepared to further extend a previously announced forbearance agreement. The company was delisted from the Toronto stock exchange (TSX) in February. 

It was targeting average annual production of 205,000 ounces of gold over an initial 12 years at Amulsar, according to a September feasibility update.

Amulsar gold mine is located 170km south of the Armenian capital, Yerevan, on the border between Vayots Dzor and Sunnik provinces.