Chaarat Gold agrees tax deal with the Kyrgyz Republic
"I am pleased to announce the signing of the Stabilization agreement with the Government of the Kyrgyz Republic with respect to our Tulkubash project," said Artem Volynets, the CEO of Chaarat.
Company
LON:CGH
Chaarat Gold Holdings Ltd is a gold mining company which owns the Kapan operating mine in Armenia as well as Tulkubash and Kyzyltash Gold Projects in the Kyrgyz Republic. The company has a clear strategy to build a leading emerging markets gold company with an initial focus on Central Asia and the Former Soviet Union, through organic growth and selective M&A.
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"I am pleased to announce the signing of the Stabilization agreement with the Government of the Kyrgyz Republic with respect to our Tulkubash project," said Artem Volynets, the CEO of Chaarat.
The mid-market closing price of Chaarat shares yesterday was a penny below the placing price
The new resource has boosted the expected life of the mine, even allowing for recent depletion
Andersson has been a key figure in the revitalisation and recapitalisation of Chaarat over the past couple of years
The AIM-listed firm is on track to meet its gold production full-year target of 65,000 gold equivalent ounces
Chaarat is aiming to become a mid-tier consolidator of Central Asian gold assets
Chairman Martin Andersson has been the key figure in Chaarat's renaissance
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Under the deal, mining contractor Çiftay İnsaat Tahhüt ve Ticaret would progressively invest up to US$31.5mln in cash for a 12.5% stake in the two projects
The miner also said it had received “positive interest” in regard to the financing of its Tulkubash gold project in the Kyrgyz Republic
The most prospective target (to the north-east of the current strike) is still to be explored.
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Chaarat chief Artem Volynet's spoke of the Polymetal deal as "an endorsement" of the company's strategy
Investments and investor services
The FTSE 100 index closed 39.84 points lower on the day at 7,646, while the midcap FTSE 250 index plunged almost 112 points to close at 19,774
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Chaarat Gold said it is "especially encouraged" by a 54% upgrade to the mineral resource estimate at Kapan
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