http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Tue, 21 Aug 2018 13:08:26 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Board Changes ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180815070003_13755660/ Wed, 15 Aug 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180815070003_13755660/ <![CDATA[Media files - Chaarat Gold to announce interim resource update at Tulkubash in September ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/10113/chaarat-gold-to-announce-interim-resource-update-at-tulkubash-in-september-10113.html Tue, 14 Aug 2018 13:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/10113/chaarat-gold-to-announce-interim-resource-update-at-tulkubash-in-september-10113.html <![CDATA[News - Chaarat hits significant gold intercepts in drilling at Tulkubash ]]> http://www.proactiveinvestors.co.uk/companies/news/201900/chaarat-hits-significant-gold-intercepts-in-drilling-at-tulkubash-201900.html Chaarat Gold Holdings Ltd (LON:CGH) has drilled approximately 8,000 metres of its planned 30,000-metre drilling programme at the Tulkubash project in Kyrgyzstan. Eight drill rigs are currently in operation on site.

It’s now been confirmed that gold mineralisation continues further along strike northeast of the existing one million ounce resource. The 2018 drilling campaign has extended mineralisation approximately 1,000 metres along strike beyond the limits of the current resource estimate.

READ: Chaarat Gold has ambitious plans to become a major regional player in Central Asia

Significant intercepts include 26 metres at 1.15 grammes per tonne gold from a depth of 27.0 metres, 11.2 metres at 1.89 grammes from 82.5 metres, and 19.5 metres at 4.33 grammes from a depth of 207.5 metres.

An initial resource update is expected in September 2018 and a more comprehensive one in the first quarter of 2019.

"We continue to be very encouraged by the results from our ongoing drilling and surface exploration programme at Tulkubash,” said Dusty Nicol, chair of the company's technical committee.

“As we had expected, drilling continues to demonstrate along strike extension of mineralisation to the northeast of the currently defined resource.  Ongoing exploration continues to generate new targets, further validating our belief that we have, to date, delineated only a small portion of a large, emerging gold district. I remain highly optimistic that this year's exploration programme will lead to a significant increase in both the size and the grade of the Tulkubash deposit.” 

 

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Tue, 31 Jul 2018 08:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/201900/chaarat-hits-significant-gold-intercepts-in-drilling-at-tulkubash-201900.html
<![CDATA[RNS press release - Exploration Drilling Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180731070024_13736901/ Tue, 31 Jul 2018 07:00:24 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180731070024_13736901/ <![CDATA[News - Chaarat Gold makes changes to the board ]]> http://www.proactiveinvestors.co.uk/companies/news/201756/chaarat-gold-makes-changes-to-the-board-201756.html Chaarat Gold Holdings Limited (LON:CGH), the exploration and development company focused on the Kyrgyz Republic, has announced a number of senior management changes.

Christopher Eger has been appointed as chief financial officer and Dmitry Yudin as head of strategy and business development.

READ: Chaarat hitting new high-grade gold in drilling at Tulkubash

Eger has extensive financial, merger & acquisitions and commercial expertise in the metals and mining sector, gained over a 20-year career in investment banking, metals trading and private equity.

He was previously the chief financial officer of Nyrstar NV, where he played a major role in developing and implementing the company's transformation strategy in addition to strengthening the balance sheet.

Yudin was previously Managing Partner at ACG Amur Capital Group, an asset management and investment advisory firm specialising in Eurasian energy, metals and mining markets.

Dusty Nicol, who is currently a non-executive director, will take up an executive role as technical director and head of exploration.

Nicol has more than 40 years of experience in the mining sector.

Peter Gardner, who is currently the chief financial officer of Chaarat, will move on after a transitional period.

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Fri, 27 Jul 2018 14:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/201756/chaarat-gold-makes-changes-to-the-board-201756.html
<![CDATA[RNS press release - Senior Management Changes ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180727113051_13734392/ Fri, 27 Jul 2018 11:30:51 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180727113051_13734392/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180712170656_13716263/ Thu, 12 Jul 2018 17:06:56 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180712170656_13716263/ <![CDATA[RNS press release - Kyrgyz Republic Investment Forum ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180712070007_13714778/ Thu, 12 Jul 2018 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180712070007_13714778/ <![CDATA[News - Chaarat hitting new high grade gold in drilling at Tulkubash ]]> http://www.proactiveinvestors.co.uk/companies/news/200452/chaarat-hitting-new-high-grade-gold-in-drilling-at-tulkubash-200452.html Chaarat Gold Holdings Ltd (LON:CGH) has to date drilled approximately 6,000 metres of the planned 30,000 metre 2018 drilling programme. 

Eight drill rigs are currently in operation on site at Tulkubash in Kyrgyzstan.

READ: Chaarat Gold has ambitious plans to become a major regional player in Central Asia

Already, the company has confirmed that gold mineralisation continues further along strike northeast of the existing one million ounce resource.

What’s more, current drilling has demonstrated that grades appear to increase along strike to the northeast of the current resource.

Among the better intercepts are 15 metres at 1.32 grammes per tonne gold from a depth of 6 metres, 5.6 metres at 1.06 grams from 109.5 metres, and 5.6 metres at 1.01 grams from of 62 metres.

"We continue to receive very encouraging results from our ongoing exploration programme at Tulkubash,” said Dusty Nicol, chair of the company's technical committee.

“Since our last exploration update, we have demonstrated further along-strike extension of oxide gold mineralisation to the northeast of the currently defined resource, have demonstrated that the gold grade appears to be increasing in this direction, and have also identified new, shallow mineralisation within the current pit outline. Progress of drill road construction is allowing the drill rigs now to advance into Segment V, which we consider our highest priority target area with the greatest likelihood of quickly demonstrating significant tonnages of new oxide gold mineralisation.”

 

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Tue, 10 Jul 2018 08:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/200452/chaarat-hitting-new-high-grade-gold-in-drilling-at-tulkubash-200452.html
<![CDATA[RNS press release - Drilling Extends Tulkubash Mineralisation ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180710070005_13711314/ Tue, 10 Jul 2018 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180710070005_13711314/ <![CDATA[RNS press release - Appointment to the Board ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180704070005_13704585/ Wed, 04 Jul 2018 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180704070005_13704585/ <![CDATA[News - Artem Volynets becomes Chaarat chief executive, brings in new M&A projects ]]> http://www.proactiveinvestors.co.uk/companies/news/199459/artem-volynets-becomes-chaarat-chief-executive-brings-in-new-ma-projects-199459.html Chaarat Gold Holdings Ltd (LON:CGH) has appointed Artem Volynets as chief executive, replacing Robert Benbow, who becomes chief operating officer and is appointed to the board.

Volynets is a principal architect of Chaarat’s expansion strategy, under which the company aims to become a regional gold mining champion in Central Asia.

READ: Chaarat Gold has ambitious plans to become a major regional player in Central Asia

Volynets has more than 20 years' experience in mergers and acquisitions, capital markets, and senior corporate management roles. He has led private and public transactions worth more than US$30bn and managed leading businesses in the metals and mining industry.

He founded ACG Amur Capital Group Ltd in 2014, as an advisory and investment management firm with a particular focus on driving gold consolidation strategy in the Former Soviet Union countries.

In conjunction with Volynets’ appointment, the gold mining team at ACG will also join Chaarat, and all ACG projects in the gold sector will be formally transferred to Chaarat and combined with the company's existing M&A pipeline.

"After several months of productive work with the great team at Chaarat Gold, I am excited to be taking this new role at the company,” said Volynets.

“The opportunities to consolidate assets in central Asia and the CIS are significant and tangible. I and my team have been engaged for several years in evaluating these opportunities, deepening our relevant relationships and developing propositions that will create value for investors, business partners, communities and national economies across the region. Our vision is to build a leading emerging markets gold company."

Benbow’s move, meanwhile, makes a lot of sense. His expertise as a mine builder and operator makes him more suited for the operations role, as he continues to focus on the development of Chaarat’s Tulkubash project.

In addition, as part of the board reshuffle, Martin Andersson, Chaarat’s chairman and major shareholder, becomes executive chairman.

 

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Mon, 25 Jun 2018 07:54:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/199459/artem-volynets-becomes-chaarat-chief-executive-brings-in-new-ma-projects-199459.html
<![CDATA[RNS press release - Executive and Board changes ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180625070009_13691203/ Mon, 25 Jun 2018 07:00:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180625070009_13691203/ <![CDATA[News - Chaarat Gold exploration drilling extends Tulkubash mineralisation ]]> http://www.proactiveinvestors.co.uk/companies/news/199374/chaarat-gold-exploration-drilling-extends-tulkubash-mineralisation-199374.html Chaarat Gold Holdings Ltd (LON:CGH) has announced that its exploration drilling has extended mineralisation at  theTulkubash gold project in the Kyrgyz Republic.

The AIM-listed exploration and development company said that 3,750 metres have been drilled to date from the planned 30,000 metres drilling programme for 2018.

READ: Chaarat well set up to support aggressive growth strategy

The company said gold mineralisation has been demonstrated to continue over 500 metres along strike north-east of the existing 1-million-ounce resource.

Chaarat Gold said that the current drilling indicated that grades appear to increase along the strike.

Dorian L. (Dusty) Nicol, chair of the company's technical committee, said: “This current drill programme is designed with the intent to maximize the conversion of new Resources to Reserves and I am very encouraged by the results of our drilling to date, especially considering that we have not yet drilled our highest priority targets.”

He added: ”We have demonstrated that gold mineralisation continues to the northeast of the currently defined Resource and the mineralised grade appears to be increasing in this direction.  As we extend drill road construction, we will soon commence drilling our highest priority targets which is an exciting step in the programme. “

"With results to date, we have still explored less than three kilometres of a 24-kilometre mineralised trend, further validating our belief that our mineralised system represents an emerging gold district,” he said.

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Fri, 22 Jun 2018 07:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/199374/chaarat-gold-exploration-drilling-extends-tulkubash-mineralisation-199374.html
<![CDATA[RNS press release - Drilling Extends Tulkubash Mineralisation ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180622070003_13689567/ Fri, 22 Jun 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180622070003_13689567/ <![CDATA[RNS press release - Kyrgyz Republic Investment Forum - 28 June 2018 ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180618070006_13682685/ Mon, 18 Jun 2018 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180618070006_13682685/ <![CDATA[RNS press release - Annual Report and Notice of Annual General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180614070003_13679001/ Thu, 14 Jun 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180614070003_13679001/ <![CDATA[News - Chaarat well set up to support aggressive growth strategy ]]> http://www.proactiveinvestors.co.uk/companies/news/198576/chaarat-well-set-up-to-support-aggressive-growth-strategy-198576.html Chaarat Gold Holdings Ltd (LON:CGH) ended 2017 with just over US$7mln in the bank, after booking a pre-tax loss of US$18mln during the year.

The loss included a US$10mln impairment charge for assets under construction, as Chaarat continues to advance its Tulkubash gold project in Kyrgyzstan.

READ: Chaarat Gold has ambitious plans to become a major regional player in Central Asia

More significant for the long-term future of the company was the marked change in tone and personnel that took place during 2017. Several key hires were made by chairman Martin Andersson, and a new growth strategy was initiated.

The first real indication of what this might look like came in 2018, post the financial year-end, when Chaarat announced a bold plan to acquire Centerra’s Kumtor mine.  

At the same time it became apparent that the new-look Chaarat has significant financial strength in depth.

In 2017 the company raised US$15mln in convertible loan notes to fund the exploration and feasibility study work for Tulkubash. 

This was augmented by a further issue of convertible loan notes and equity in December 2017 and the first half of 2018, with a further US$15mln of funds committed, including expressions of interest totalling US$3.6mln from directors and management.

“During 2018, we expect to raise further capital to fund our ongoing exploration plans, accelerate the construction of Tulkubash, re-pay existing borrowings due September 2018 and allow our mergers and acquisition activity to advance,” said chief executive Robert Benbow. 

“Our fundraising process is well underway, with potential term sheets for debt, equity and alternative financing solutions having been received.  We are encouraged by the relationships and quality dialogues we have had with both local and global institutions.”

 

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Mon, 11 Jun 2018 07:44:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/198576/chaarat-well-set-up-to-support-aggressive-growth-strategy-198576.html
<![CDATA[RNS press release - PRELIMINARY AUDITED FINANCIAL STATEMENTS ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180611070002_13673589/ Mon, 11 Jun 2018 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180611070002_13673589/ <![CDATA[RNS press release - White paper on proposed offer for the Kumtor Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180606142228_13669599/ Wed, 06 Jun 2018 14:22:28 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180606142228_13669599/ <![CDATA[News - Chaarat Gold has ambitious plans to become a major regional player in Central Asia ]]> http://www.proactiveinvestors.co.uk/companies/news/197532/chaarat-gold-has-ambitious-plans-to-become-a-major-regional-player-in-central-asia-197532.html “The idea is to consolidate the fragmented gold sector in Central Asia,” says Artem Volynets, the man tasked with directing the M&A strategy of Chaarat Gold Holdings Ltd (LON:CGH).

He’s fairly new on to the board of Chaarat, appointed earlier this year, and the latest arrival in the clean sweep that’s been initiated by chairman Martin Andersson.

READ: Chaarat updates on potential acquisition of Kumtor, restarts drilling at Tulkubash

Over the past year or so, change at the top has seen the appointment of Rob Benbow as chief executive officer, of Dusty Nicol as non-executive director with a brief for exploration, of Peter Carter as chief operating officer and Pete Gardner as chief financial officer.

Volynet’s arrival as chief deal-maker completes the set, and it hasn’t taken him long to make his first move.

In April,Chaarat tabled an unsolicited offer for the Kumtor gold mine, a major producer in Kyrgyzstan owned by Centerra Gold (TSE:CG).

Centerra didn’t exactly rush to engage with Chaarat once the offer was announced, but that may not be the deciding factor.

Much more important is the attitude of the authorities in Kyrgyzstan, and here Volynets and Chaarat bring something extra to the table.

The plan isn’t just to get hold of Kumtor and its large cashflows. The plan also involves reinvesting those cashflows into the Kyrgyzstan gold mining sector to acquire and build new mines. That type of inward investment for a country that isn’t overflowing with foreign capital has major attractions to legislators, and may trump any resistance that Centerra cares to put up.

It’s noteworthy, for example, that a Kyrgyz investment forum to be held in London next week is to be jointly hosted by the Kyrgyz embassy and Chaarat.

Why is Volynets confident that Chaarat, capitalised at around £90mln in London, can effect the takeover of the flagship asset of a C$2bn Canadian company/

The answer lies in his background as a financier working for, amongst others, Rusal.

“I’ve done a number of big transactions,” he says.

“I’ve closed US$30bn worth of deals. I was head of strategy at Rusal when we listed it on the Hong Kong stock exchange. I established key relationships while I was working for these large companies we borrowed maybe US$18bn from banks.”

This is not your standard modus operandi for the director of a junior mining company, and clearly to speaks to where Chaarat is going rather than where it’s been.

No wonder Pete Gardner, widely recognised as one of the leading up and comers in the UK mining sector, was so quick to jump on board. Before Andersson had completed his board restructuring Gardner’s move looked slightly odd. Now, it makes complete sense.

Chaarat is no longer focused on convincing investors it can make a go of the Tulkubash project, often cited as being in difficult terrain. Rob Benbow put paid to those doubts with a simple comparison to British Columbia, which is also mountainous and also plays host to several major gold mines.

With this new board of directors the challenges of Tulkubash look much more manageable.

But Volynets’ play for Kumtor in any case transforms the outlook for Chaarat. Tulkubash still looks good, but next to Kumtor it will definitely be playing second fiddle. And Volynets doesn’t plan to stop with the acquisition of Kumtor either. He plans a string of deals right across central Asia.

“The sector is very large, probably the second largest in regional terms.”

Even so, no major gold miner is, yet, centred in Central Asia. Even the Russian challengers are second rank.

“Polyus production is 1.8mln ounces,” says Volynets. “Polymetal is 1.4mln ounces. Compared to the western giants these are mid-sized.”

So there’s an opportunity to create something significant, and at a decent price. The thirty or so smaller companies and projects that are in the region are all making money, as Volynets explains.

“They have their sales in dollars and their costs in local currencies,” he says.

“But most are priced on equity markets at a discount because of the perceived political risk. The idea is to use this window of opportunity, because there are a lot of assets around and not many buyers.”

Kumtor is the first move. It won’t be the last.

“We have a thick deal pipeline,” says Volynets. “Kumtor is just one that became public. There are plenty of other assets in the pipeline.”

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Wed, 23 May 2018 10:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/197532/chaarat-gold-has-ambitious-plans-to-become-a-major-regional-player-in-central-asia-197532.html
<![CDATA[RNS press release - Update on Suspension ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180504144332_13631028/ Fri, 04 May 2018 14:43:32 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180504144332_13631028/ <![CDATA[Media files - Chaarat Gold outlines terms of its offer for the Kumtor mine in Kyrgyzstan ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9175/chaarat-gold-outlines-terms-of-its-offer-for-the-kumtor-mine-in-kyrgyzstan-9175.html Tue, 01 May 2018 09:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9175/chaarat-gold-outlines-terms-of-its-offer-for-the-kumtor-mine-in-kyrgyzstan-9175.html <![CDATA[News - Chaarat updates on potential acquisition of Kumtor, restarts drilling at Tulkubash ]]> http://www.proactiveinvestors.co.uk/companies/news/196116/chaarat-updates-on-potential-acquisition-of-kumtor-restarts-drilling-at-tulkubash-196116.html Chaarat Gold Holdings Ltd (LON:CGH) has confirmed that the recent proposal it made in relation to the potential acquisition of the Kumtor mine from Centerra Gold Inc (TSE:CG) values Kumtor at US$800mln.

The Kumtor mine currently produces around half a million ounces of gold a year, and is one of Kyrgyzstan’s biggest.

READ: Chaarat updates on potential acquisition of Kumtor, restarts drilling at Tulkubash

It is currently proposed that the consideration will be funded by US$400mln in cash from Chaarat. It is also proposed that subject to the Kyrgyz government's approval, US$400mln of Centerra shares currently held by government investment vehicle Kyrgyzaltyn will be transferred to Centerra and cancelled in exchange for a 50% direct preferred economic interest in the Kumtor mine.

As a result, Chaarat will own all of the common equity of Kumtor, as well as control over management and operations of the mine. Kyrgyzaltyn will own all of the preferred equity of Kumtor, and be entitled to 50% of the economic benefits from the mine.

WATCH: Chaarat Gold outlines terms of its offer for the Kumtor mine in Kyrgyzstan

Chaarat will fund the cash component of the offer through a mixture of debt and equity, backed by two major international financial institutions, which have made private indications of support for the transaction to the parties concerned. The names of these institutions have been confidentially disclosed to Centerra.

Chaarat has also undertaken to to invest up to US$600mln into other projects in the country's mining sector over the next five to seven years.

Separately, the company has also started drilling on its Tulkubash gold project, also in Kyrgyzstan, and a visual inspection of the core produced so far has indicated that mineralisation has already been intersected.

 

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Tue, 01 May 2018 08:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196116/chaarat-updates-on-potential-acquisition-of-kumtor-restarts-drilling-at-tulkubash-196116.html
<![CDATA[RNS press release - 2018 Drilling Commences at Tulkubash ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180501070005_13624817/ Tue, 01 May 2018 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180501070005_13624817/ <![CDATA[RNS press release - Update on Proposed Offer for the Kumtor Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180501070004_13624786/ Tue, 01 May 2018 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180501070004_13624786/ <![CDATA[News - Chaarat Gold believes in Tulkubash’s potential to deliver strong operational cash flow ]]> http://www.proactiveinvestors.co.uk/companies/news/196018/chaarat-gold-believes-in-tulkubashs-potential-to-deliver-strong-operational-cash-flow-196018.html Chaarat Gold Holdings Ltd (LON:CGH) remains ‘confident’ exploration will add significantly to the mine life at Tulkubash in the Kyrgyz Republic.

Martin Andersson, chairman, said: “We firmly believe that the intensive exploration that is planned for the 2018 and 2019 field seasons will add significantly to the Tulkubash mine life ahead of the first gold pour in 2020. “

WATCH: Chaarat Gold confident its mines will operate for a very long time

He added: “Our objective during the two upcoming drill seasons is to add at least 100% to 150% to the existing Tulkubash resources, which we consider a conservative objective. 

“This would be expected to significantly enhance mine life and therefore the project economics.”

The Aim-listed firm today published a feasibility study for Tulkubash.

This indicated an initial life of 3.75 years based on mining a 16mln tonne reserve at an average grade of 0.91g/t gold containing 470,000 ounces of gold with 76.5% recovery.

Upfront costs were US$132mln, repayable in 3.2 years and assuming a gold price of US$1,300 and 5% discount the net present value is US$12.1mln.

READ: Chaarat Gold offers to buy major gold mine

All-in sustaining costs are US$831 per ounce, including all taxes.

The company said the mine generates positive free cash flow of approximately US$59mln per annum at steady state production.

Production is planned to start in 2020 and continues for 3.75 years to the end of 2023 for 360,000 ounces.

Subject to financing, construction will begin in third quarter 2018 and continue for 21 months.

Chaarat shares are suspended from trading on London’s AIM market following a proposal last week to acquire the Kumtor mine, one of the largest gold mines in Central Asia, from Centerra Gold.

It would be part of a three-way deal between Chaarat, Centerra and Kyrgyz state consortium, Kyrgyzaltyn OJSC.

Subsequently, Chaarat will own Kumtor's common equity and be responsible for the management and operation of the mine, while Kyrgyzaltyn will own Kumtor's preferred equity and be entitled to 50% of the mine’s economic benefit.

Kumtor has been in continuous, profitable production for 21 years. It has more than 4mln ounces of open-pit mining reserves and  produced 500,000 ounces of gold in 2017, generating US$188mln of free cash flow.

 

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Mon, 30 Apr 2018 07:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196018/chaarat-gold-believes-in-tulkubashs-potential-to-deliver-strong-operational-cash-flow-196018.html
<![CDATA[RNS press release - Tulkubash Feasibility Study Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180430070012_13622767/ Mon, 30 Apr 2018 07:00:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180430070012_13622767/ <![CDATA[RNS press release - EXERCISE OF OPTIONS AND ISSUE OF EQUITY ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180427113543_13621879/ Fri, 27 Apr 2018 11:35:43 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180427113543_13621879/ <![CDATA[News - Chaarat Gold offers to buy major gold mine ]]> http://www.proactiveinvestors.co.uk/companies/news/195653/chaarat-gold-offers-to-buy-major-gold-mine-195653.html Chaarat Gold Holdings Ltd (LON:CGH) has unveiled a proposal to acquire the Kumtor mine, one of the largest gold mines in Central Asia, from Centerra Gold.

It would be part of a three-way deal between Chaarat, Centerra and Kyrgyz state consortium, Kyrgyzaltyn OJSC.

Subsequently, Chaarat will own Kumtor's common equity and it will be responsible for the management and operation of the mine, while, Kyrgyzaltyn will own Kumtor's preferred equity and will be entitled to 50% of the mine’s economic benefit.

READ: Artem Volynets discusses Chaarat Gold's acquisition strategy

Kumtor has been in continuous, profitable production for 21 years. It has more than 4mln ounces of open-pit mining reserves. It produced 500,000 ounces of gold in 2017, generating some US$188mln of free cash flow.

“Chaarat is ideally placed to take advantage of the opportunities presented by this world-class asset,” the company said in a statement.

“The proposed Acquisition represents a substantial increase in the overall scale of Chaarat's business and Chaarat's board of directors is confident that Chaarat can achieve significant value for its shareholders.

A platform for further acquisitions

“In the medium term, the acquisition will serve as a platform for further acquisitions and generate significant and stable dividends.”

Chaarat added: “For Centerra and its shareholders, Chaarat's offer provides a unique opportunity to realise the full value of Kumtor and reinvest the proceeds in Centerra's business.

“In line with Centerra's stated strategy, the deal will also enable Centerra to reposition its geographic profile and focus on its developed market asset base.”

Chaarat would pay its portion of the deal consideration in cash and Kyrgyzaltyn will transfer most of the Centerra shares it currently holds back to Centerra.

Alongside the proposed transaction, Chaarat has acknowledged its position as a long-term partner to the Kyrgyz Republic and it has stated its intention to invest up to US$600mln into two other projects in the country's mining sector, over the next five to seven years.

The proposed transaction would be a reverse takeover, and the company’s shares have now been suspended from trading on London’s AIM market.

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Tue, 24 Apr 2018 09:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/195653/chaarat-gold-offers-to-buy-major-gold-mine-195653.html
<![CDATA[RNS press release - Proposed offer for the Kumtor Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180424091036_13616031/ Tue, 24 Apr 2018 09:10:36 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180424091036_13616031/ <![CDATA[Media files - Artem Volynets discusses Chaarat Gold's acquisition strategy ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9103/artem-volynets-discusses-chaarat-gold-s-acquisition-strategy-9103.html Thu, 19 Apr 2018 08:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9103/artem-volynets-discusses-chaarat-gold-s-acquisition-strategy-9103.html <![CDATA[Media files - Chaarat Gold confident its mines will operate for a very long time ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9080/chaarat-gold-confident-its-mines-will-operate-for-a-very-long-time-9080.html Tue, 17 Apr 2018 15:58:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9080/chaarat-gold-confident-its-mines-will-operate-for-a-very-long-time-9080.html <![CDATA[News - Chaarat’s strategy to become leading mid-tier gold producer now augmented by stated desire for M&A deals ]]> http://www.proactiveinvestors.co.uk/companies/news/194603/chaarats-strategy-to-become-leading-mid-tier-gold-producer-now-augmented-by-stated-desire-for-ma-deals-194603.html Chaarat Gold Holdings Ltd (LON:CGH) has updated the market on its development strategy with a clear statement of intent. The company plans to become a leading mid-tier gold producer focused in Central Asia and the former Soviet Union.

This will be achieved via the initial development of the Chaarat gold project in Kyrgyzstan but the company's position will be further enhanced by selective M&A in the region.

“The first step in Chaarat's strategy is to take the Chaarat Project into production, by adopting a two phase strategy,” said non-executive chairman Martin Andersson.

“Production will be achieved initially through the development of the Tulkubash oxide ore using open pit mining and a heap leach processing facility in order to generate around US$40-US$60 mln free cash flow per annum. In parallel with this development, the company will carry out an aggressive exploration programme to significantly improve the Tulkubash mine plan ahead of the first gold pour, which is expected in 2020.”

Andersson also outlined the longer-term plans:

“Phase 2 of the Chaarat Project is to develop the Kyzyltash refractory sulphide ore, which has the potential to produce 200,000-300,000 ounces of gold per annum, generating free cash flow of US$150-US$200mln per year,” he said. 

“I remain encouraged by the support expressed for the Chaarat Project at the highest levels of government in the Kyrgyz Republic as evidenced at my recent meeting with the Prime Minister. Additionally, Chaarat will look to pursue selective M&A opportunities in Central Asia and the former Soviet Union as the Company believes it is a region that is ripe for consolidation, and that Chaarat is well positioned to be able to deliver this.”

The company will host an investor conference call on Monday 16 April 2018 at 12:00 BST, during which Robert Benbow, chief executive, and Dorian L. (Dusty) Nicol, chair of the company's Technical Committee, will discuss strategy and answer questions. 

 

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Tue, 10 Apr 2018 08:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/194603/chaarats-strategy-to-become-leading-mid-tier-gold-producer-now-augmented-by-stated-desire-for-ma-deals-194603.html
<![CDATA[RNS press release - Corporate Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180410070003_13597760/ Tue, 10 Apr 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180410070003_13597760/ <![CDATA[News - Chaarat Gold extends fundraising as Tulkubash feasibility results ‘imminent’ ]]> http://www.proactiveinvestors.co.uk/companies/news/194152/chaarat-gold-extends-fundraising-as-tulkubash-feasibility-results-imminent-194152.html Chaarat Gold Holdings Ltd (LON:CGH) said it is extending the closing date of its private placing as results of a feasibility study on its Tulkubash project are expected imminently.

The AIM-listed Kyrgyz-focused exploration company said the results of the study, expected later this month, would provide a comprehensive update on the project including capital and operating costs.

READ: Chaarat Gold updates on US$20mln funding process

Chaarat added that it may increase the amount initially sought in the fundraising to above its initial target of US$20mln following the results.

The group said it had already received US$15mln in settled funds or funding commitments since the fundraising began on 18 December 2017.

Chaarat shares were unchanged at 19.8p in lunchtime trading Tuesday.

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Tue, 03 Apr 2018 12:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/194152/chaarat-gold-extends-fundraising-as-tulkubash-feasibility-results-imminent-194152.html
<![CDATA[RNS press release - Update on funds raised ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180403114717_13589499/ Tue, 03 Apr 2018 11:47:17 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180403114717_13589499/ <![CDATA[RNS press release - Appointment to the Board ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180326154643_13581789/ Mon, 26 Mar 2018 15:46:43 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180326154643_13581789/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180313070007_13564172/ Tue, 13 Mar 2018 07:00:07 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180313070007_13564172/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180308151534_13560367/ Thu, 08 Mar 2018 15:15:34 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180308151534_13560367/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180308141745_13560237/ Thu, 08 Mar 2018 14:17:45 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180308141745_13560237/ <![CDATA[News - Chaarat Gold updates on US$20mln funding process ]]> http://www.proactiveinvestors.co.uk/companies/news/192424/chaarat-gold-updates-on-us20mln-funding-process-192424.html Chaarat Gold Holdings Ltd (LON:CGH) said it continues to work to close a US$20mln funding launched in December.

On December 18, the mine developer announced that it planned to bring in the funds - in a mixture of equity and loan notes – and it has so far received US$11.36mln (US$6.4mln from equity and US$4.95mln of notes).

READ: Chaarat Gold appoints new chief operating officer to lead its Bishkek team

Additionally, Chaarat said that it has also received expressions of interest for US$3.63mln, meaning that it has had around US$15mln of committed funds.

Meanwhile, it continues to await final responses from potential investors who previously expressed interest in the funding offer, so further equity and notes may be issued in the near future.

Chaarat also told investors that it expects to publish a feasibility study on the Tulkubash oxide deposit in April.

Once complete, the plan is to evaluate various financing scenarios for the project construction with the drilling due to start in summer 2018 - enabling first production in early 2020.

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Thu, 01 Mar 2018 09:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/192424/chaarat-gold-updates-on-us20mln-funding-process-192424.html
<![CDATA[RNS press release - Update on funds raised ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180228163604_13549876/ Wed, 28 Feb 2018 16:36:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180228163604_13549876/ <![CDATA[RNS press release - Appointment of Joint Corporate Broker ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180219070005_13537165/ Mon, 19 Feb 2018 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180219070005_13537165/ <![CDATA[News - Chaarat Gold appoints new chief operating officer to lead its Bishkek team ]]> http://www.proactiveinvestors.co.uk/companies/news/191620/chaarat-gold-appoints-new-chief-operating-officer-to-lead-its-bishkek-team-191620.html Chaarat Gold Holdings Ltd (LON:CGH), the gold exploration company operating in the Kyrgyz Republic, has appointed Peter Carter as its new chief operating officer.

Carter will lead the Bishkek team and his primary responsibilities will include preparing the company for operational readiness, building the local team, installing international safety standard and establishing suitable environmental management plans.

READ: Chaarat Gold has US$15mln committed to advance Tulkubash gold project

The group said Carter has over 30 years of experience in open pit engineering, mine engagement and project development. This includes leadership roles in the constructions and operation of the gold mines in the Kyrgyz Republic and Mongolia

READ: Chaarat Gold raising US$20mln for Tulkubash, with US$15mln already committed

Robert Benbow, Chaarat’s CEO, said: “His knowledge and experience in developing gold mines, and particularly his experience working in the Kyrgyz Republic, will be beneficial in bringing the Tulkubash project into operation.”

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Wed, 14 Feb 2018 08:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191620/chaarat-gold-appoints-new-chief-operating-officer-to-lead-its-bishkek-team-191620.html
<![CDATA[RNS press release - Appointment of COO ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180214070004_13532188/ Wed, 14 Feb 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180214070004_13532188/ <![CDATA[Media files - Chaarat Gold significantly ups resource estimate at Tulkubash deposit ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8698/chaarat-gold-significantly-ups-resource-estimate-at-tulkubash-deposit-8698.html Fri, 02 Feb 2018 13:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8698/chaarat-gold-significantly-ups-resource-estimate-at-tulkubash-deposit-8698.html <![CDATA[News - Chaarat Gold has US$15mln committed to advance Tulkubash gold project ]]> http://www.proactiveinvestors.co.uk/companies/news/191071/chaarat-gold-has-us15mln-committed-to-advance-tulkubash-gold-project-191071.html Chaarat Gold Holdings Ltd (LON:CGH) updated on its US$20mln fundraising plans, saying that as of end January this year, it had received US$15mln in committed funds or funding commitments.

As reported in December, the money was to be raised through a mixture of equity and short-term senior secured convertible loan notes, with the shares priced at 25p each, while the notes will convert at 33p.

READ: Chaarat Gold reckons there are now almost 1mln ounces of gold at Tulkubash

The cash will be used for plans to develop a heap leach gold mining operation at Tulkubash in Kyrgyzstan.

Meanwhile, on Wednesday this week, the firm significantly increased the resource estimate at the Tulkubash deposit, part of the Chaarat Gold Project in the Kyrgyz Republic in Central Asia.

The last estimate suggested there were just over 800,000 ounces of gold at Tulkubash, but the new update put that figure closer to 1mln ounces.

"The board believes the update may lead to further interest in the Issue," Chaarat said today in a regulatory statement.

"In addition, the company is still awaiting final responses from certain potential investors who have previously expressed interest in the Issue.

"Further shares and/or notes may be issued in the near future, and in any case by no later than 28 February 2018, for a total value not exceeding US$5m (which would bring the total value of the Issue to $20m) if further interest in the Issue materialises."

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Fri, 02 Feb 2018 12:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191071/chaarat-gold-has-us15mln-committed-to-advance-tulkubash-gold-project-191071.html
<![CDATA[RNS press release - Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180202115328_13519954/ Fri, 02 Feb 2018 11:53:28 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180202115328_13519954/ <![CDATA[News - Chaarat Gold reckons there are now almost 1mln ounces of gold at Tulkubash ]]> http://www.proactiveinvestors.co.uk/companies/news/190896/chaarat-gold-reckons-there-are-now-almost-1mln-ounces-of-gold-at-tulkubash-190896.html Chaarat Gold Holdings Ltd (LON:CGH) has significantly increased the resource estimate at the Tulkubash deposit, part of the Charaat Gold Project in the Kyrgyz Republic in Central Asia.

The last estimate suggested there were just over 800,000 ounces of gold at Tulkubash, but today’s update puts that figure closer to 1mln oz.

READ: Chaarat sees 3km of mineralisation at Tulkubash

To be precise, the updated estimate identifies a combined Measured and Indicated resource of 35.24mln tonnes at 0.86 grams per tonne, containing 971,000oz of gold, as well as an Inferred resource of 3.78mln tonnes at 0.68 g/t, containing 83,000oz of gold.

In its 2017 drill programme, Chaarat drilled 60% more metres than it had originally expected and said on Wednesday that is has the cash in place to carry out another “extensive drilling programme” this year.

This new round of drilling, it is hoped, will further identify the “full potential” of the Tulkubash oxide resource.

Resource update ‘highlights success of 2017 drill programme’​

“This robust resource update, which significantly increases the tonnes and gold of the oxide resource, underpins our strategic plan to unlock value for our stakeholders, as well as highlighting the success of the 2017 drilling programme,” said chief executive Robert Benbow.

“These results demonstrate that we are on track with our strategy to develop the Chaarat deposit in stages: initially targeting the Tulkubash oxides; followed by the very substantial higher-grade refractory Kyzyltash resource within our mine license area.”

Benbow added: “Our better understanding of the geometry of the ore bodies obtained as part of our resource update has further added to our confidence that the oxide resource can be significantly extended along strike.”

Chaarat shares were unchanged at 21.7p on Wednesday morning. 

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Wed, 31 Jan 2018 09:15:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190896/chaarat-gold-reckons-there-are-now-almost-1mln-ounces-of-gold-at-tulkubash-190896.html