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Market: AIM
52-week High/Low: 37.38p / 14.50p
Sector: General Mining - Gold
Market Cap: 71.01M
Chaarat Gold Holdings Ltd

Chaarat Gold Holdings Ltd

Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic with a large, high grade resource - the Chaarat Gold Project. The Company's key objective is to become a low cost gold producer generating significant production from the development of the Chaarat Gold Project. Chaarat is preparing a Definitive Feasibility Study for the stage one Tulkubash Heap Leach...

Chaarat Gold Holdings Ltd

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Big picture - Why invest in Chaarat Gold Holdings Ltd

Chaarat Gold Holdings Ltd Snapshot

Chaarat aims to create value for its shareholders, employees and communities from its high quality gold and mineral deposits in the Kyrgyz Republic by building relationships based on trust and operating to the best environmental, social and employment standards.

Chaarat Gold Project

Chaarat Gold Project
Home \ Chaarat Gold Project
The Chaarat Gold Project is a 7 million ounce high grade resource in the Kyrgyz Republic.  In common with other deposits in the region, the Chaarat deposit contains a combination of free milling and refractory ore.
The first stage of development of the Chaarat Gold Project will be the Tulkubash Heap Leach Project.  The Tulkubash Project is based on the free milling ore within the Tulkubash Zone of the deposit which comprises only 13% of the total resource.  

Free milling ore is amenable to direct cyanidation either by heap leaching or by milling followed by Carbon in Leach (CIL). These processes are well known and relatively less complex processing methods to extract gold.

Tulkubash Project – our route to production

A Bankable Feasibility Study for the Tulkubash Project is in preparation and due for completion in Q1 2018.  Based on our current plans this is based on a processing capacity of 2.8 million tonnes of ore per year which (based on the recovery achieved in previous metallurgical testing) would result in production of 60-70,000 ounces of gold per year with a mine life slightly in excess of five years.

We believe that the Tulkubash resource can be increased by further drilling as we have identified that it continues along strike and at depth.  A drilling campaign is now underway to increase the reserve of the Tulkubash and consequently the life of mine.

Progress to date:
·         We are drilling within the Tulkubash Zone to increase the resource and therefore prospective gold production;
·         We have achieved the social licence to operate a heap leach project – the first in the country;
·         We have a mining licence until 2032;
·         All payments to the Government in respect of the delineated resource to obtain the mining licence have been made;
·         A significant portion of the Project infrastructure is in place – roads, bridge, camps, a workshop and a fuel tank farm;
·         The access road has been designed;
·         The land needed to cover the whole footprint of the Project has been identified and the formal allocation is in progress; and
·         The site has been “sterilised” of alluvial gold deposits in preparation for construction of the mine.

Second stage development

87% of the ore in the Chaarat deposit is contained in the Main and Contact zones. At present there are only two main options to process the refractory ore contained in these zones.

The first is to process the refractory ore in order to produce concentrate which requires a smelter to produce gold from the concentrate. If the plans to build a smelter near the Chaarat deposit, which are being supported by the Kyrgyz Government, come to fruition the option of processing concentrate of refractory ore could by 2020 become a feasible and economic option which will both considerably reduce the capital cost of the project and its technological complexity.

The second processing option is to build an oxidation unit for the pre-treatment of the ore prior to cyanidation. The type of oxidation unit needed to achieve the highest recoveries from the Chaarat refractory ore would require a very high capital cost based on current technologies.

Given the technical developments which are being made to achieve more efficient processing of refractory ore, we consider that the economics of the second stage development of the Chaarat Project could become significantly more attractive in the short term. In the meantime we have the prospect of extending the production life of the Tulkubash Project.

For more information on Reserves and Resource, please click here

For more information on Infrastucture, please click here

For more information on Geology, please click here

For more information on Exploration, please click here

For more information on Metallurgy, please click here


Exploration Projects

The Chaarat Gold Project is currently confined to approximately ten kilometres along strike at the centre of the Sandalash licence area, which consists of three identified prospects; Chaarat, Kashkasu and Minteke.. Access to the northern part of the Project is restricted by the mountainous terrain.

Exploration to date however has focused mainly within an area of the southernmost six kilometres of the 12 km strike of the Chaarat target. In this area the mineralisation is hosted in zones of up to 25 metres wide. Minimal work has been carried out in Minteke and Kashkasu.

The Chaarat target consists of three parallel mineralised zones; the Contact Zone, the Main Zone  and the Tulkubash Zone.

Underground development via an adit, drifts and drill chambers in the Contact Zone has enabled the resource to be drill tested to a depth of 520 metres down dip with positive results. Other work includes surface and underground drilling in a small section of about 1 km of the Contact Zone, surface drilling in a few areas of the Main Zone and drilling and trenching in the Tulkubash Zone.

For information on Chontash, please click here

For information on Mironovskoye, please click here

For information on Minteke, please click here

For information on Kashkasu, please click here

For information on Kyzil Ompul, please click here


Board of Directors

Martin Andersson
(Non-Executive Chairman)

Martin was appointed as Chairman of Chaarat on 1 October 2016.  He is a long term and supportive shareholder and brings both his significant experience of Russia and the region and his contacts from an extensive network to assist the achievement of the strategy set by the Chaarat Board.

He manages an active portfolio with an interest in real estate, financial services and information technology. Between 2006 and 2013 he was a shareholder and served on the Board of Siberian Coal Energy Company (SUEK), one of the largest thermal coal producers in Russia. He is currently a director of Brunswick Real Estate S.A.R.L., Brunswick Rail Limited, Cabo Delgado Investments Limited and Central Atlantic Investment Holding LLC.

A graduate of the Stockholm School of Economics and HEC Paris, Martin worked in mergers and acquisitions at Booz Allen Hamilton and advised the Russian Government on its privatization programme. In 1993 he co-founded Brunswick Brokerage – a Moscow based investment bank that was later sold to UBS – initially holding the position of CEO and from 1999 as Chairman of the joint venture, Brunswick UBS Warburg.

He is a member of Chaarat’s Audit Committee.

Dekel Golan
(Deputy Chairman)

Dekel is a graduate of Tel Aviv University. Formerly president of Apex Asia LDC, a subsidiary of Apex Silver Mines Limited, he has extensive experience in developing businesses, in emerging economies as well as the developed world. Dekel was the founder and Executive Chairman of APC Limited, a coffee and tea producer in Africa.  In addition, he has advised a number of international and Israeli companies on business development. Prior to those activities Dekel was Vice President of Business Development of Supersol, the largest retail operator in Israel and worked at Dead Sea Bromine Group, the world’s largest bromine producer.

Robert Benbow
(Chief Executive Officer)

Bob’s primary responsibility is to develop and build the Tulkubash Project and oversee mining operations once in production. During his 30 year career Bob has worked with junior exploration companies to bring them into production and transform them into operating companies. He has taken three green field gold developments into production and from 2007 he served as the Vice President and Country Manager of Alacer Gold Corp.’s Çöpler Gold Mine in Eastern Turkey which has produced over 1 million ounces as one of the lowest cost producers in the world.

Bob built a team of expatriates and Turkish nationals to execute the successful start-up of Çöpler, which was initially developed as an open pit heap leach operation.  The Çöpler mine is now moving into development of the refractory ore contained within the deposit. The two similar stages in Chaarat’s development will benefit directly from Bob’s relevant experience.


Linda Naylor
(Finance Director)

Linda is a graduate of the London School of Economics and a Fellow of the Institute of Chartered Accountants in England & Wales. A former partner in Grant Thornton UK LLP, her experience gained over more than twenty years included working as a nominated adviser in the Capital Markets team from 1996 and as an audit partner specialising in the natural resource sector.

Martin Wiwen-Nilsson
(Non-Executive Director)

Martin Wiwen-Nilsson spent 21 years at Goldman Sachs, where he was a Partner from 2008 to 2015. During his time there he held leadership positions in, amongst others, the global emerging markets business, the global commodities business and the global sovereign wealth fund business. He served on a number of executive committees, including the Investment Banking Operating Committee and the Growth Market Operating Committee.

He is a member of Chaarat’s Remuneration Committee.

Richard Rae
(Non-Executive Director)

Richard is an experienced City professional who brings his contacts and in depth understanding of the equity markets to the Board of Chaarat which will assist in the Company’s engagement and communication with its shareholders.
As a managing director of ABN AMRO, Richard was responsible for the team engaged in research, sales and trading of Mid and SmallCap equities. In this role and before that as Head of UK Smaller Companies Research & Sales, he managed the liaison with the corporate broking and financial advisory departments.

He is a non-executive Director and member of the Audit Committee of Aberforth Smaller Companies Investment Trust plc, the largest investment trust within the UK Smaller Company sector.

A Chartered Accountant, Richard is Chairman of both Chaarat's Audit and Remuneration Committees.

Senior Management

Turat Usubaliev
(Deputy General Director Chaarat Zaav)

Turat graduated in Geological Prospecting from the Frunze Polytechnical Institute, (now the Kyrgyz Mining Metallurgical Institute) in 1989. He has over twenty years of geological experience in Kyrgyzstan and joined Chaarat originally in 2007. He began his career in 1989 as the Jerooy Exploration Group’s Geologist and joined their expedition in the north of Kyrgyzstan. He went on to work as a geologist on the Jerooy Gold Project. Following the completion of his MSc at the Shimane University in Japan, where he carried out research into mineral compositions in the Jerooy region, Turat continued his work in Kyrgyzstan with Kumtor Operating Company. During his six years with the company he progressed to the role of Chief Geologist, before accepting a new role, that of Senior Geologist, with Frontier Mining in 2004, managing their explorations in Kazakhstan. He returned to Kyrgyzstan in 2006 to work as Chief Geologist on the Jerooy Gold Mine before joining Chaarat. He accepted a position as Vice-President of Centerra Gold in Toronto in 2012 and returned to Chaarat in August 2013 as Deputy General Director with responsibility for community relations.

Davron Vakhabov

(General Director of the local subsidiary)

Davron is a Project Management Professional and holds an Executive MBA degree from University of Sheffield. Davron brings over 10 years of extensive international contracting and projects management experience which include various project management positions in Alacer Gold Corp’s Çöpler Gold Mine where he was a part of original mine construction and then was responsible for all plant and heap leach pad expansion projects. Prior to joining Chaarat, Davron held a position of an area manager responsible for infrastructure at Lydian International’s Amulsar Gold Project in Armenia.

At 19 June 2017    
  Shares Held %
Not in public hands (held by directors) 153,441,369 43.62%
Not in public hands (held by concert party) 25,692,632 7.30%
Total shares in issue 351,775,832  
Martin Andersson via Labro Investments Limited  121,066,623  34.42%
China Nonferrous Metals Int’l Mining Co. Ltd 22,469,289  6.39%
Sarastro Group Limited  17,606,228  5.00%
UBS Wealth Management 13,641,259  3.88%
Alex Novak via Vetan Investments Limited 10,686,198 3.04%


Chaarat Gold Holdings Limited

Tel: +44 (0) 20 7499 2612
Email: [email protected]

UK postal address
c/o Central Asia Services Limited
12 West Links
Chandlers Ford
SO53 3TG

Registered office
PO Box 438
Palm Grove House
Road Town
British Virgin Islands VG1110

Chaarat Zaav
19, Razzakova Street Business Centre Russia,
15th Floor
Kyrgyz Republic
Tel: +996 (312) 398 039

Numis Securities Limited
John Prior / James Black
Tel: + 44 (0) 7260 1000

Registrar queries
Tel: 0871 664 0300 (Calls cost 10 pence per minute plus network charges)
(outside the UK: +44 (0) 20 8639 3399)
Lines are open Monday - Friday, 9.00am - 5.30pm
Email: [email protected]
Shareholder portal:

Company Secretary
Linda Naylor
c/o Central Asia Services Limited
12 West Links
Tollgate, Chandler’s Ford
Hampshire SO53 3TG
Tel: +44 (0) 20 7499 2612

Registered Office
Palm Grove House
PO Box 438
Road Town, Tortola
British Virgin Islands, VG1110

Chaarat Zaav
15th floor Moscow Business Centre
19 Razzakova Street
Bishkek Kyrgyz Republic 700240

Company Number

Nominated Advisor and Broker
Numis Securities Ltd
The London Stock Exchange Building
10 Paternoster Square
London EC4M 7LT

Solicitors to the Company as to English law
Watson, Farley & Williams
15 Appold Street
London, EC2A 2HB

Solicitors to the Company as to Kyrgyz law
Kalikova & Associates
71 Erkindik Boulevard, Bishkek
Kyrgyz Republic

Company Secretarial Services to the Company as to BVI law
TMF Group Limited
PO Box 438
Road Town, Tortola
British Virgin Islands

55 Baker Street
London W1U 7EU

Principal Bankers
HSBC Bank plc
70 Pall Mall
London SW1Y 5EZ

Capita Registrars (Guernsey) Limited
Mont Crevelt House
Bulwer Avenue
St Sampson

Capita IRG Trustees Limited
The Registry
34 Beckenham Road
Kent, BR3 4TU

Chaarat Gold Holdings Ltd Timeline

February 14 2018
February 02 2018
January 31 2018
December 21 2017
December 04 2017

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