Proactive's Stephen Gunnion spoke to Chaarat Gold Holdings Ltd's CFO, David Mackenzie, who provided an overview of the company's strategic developments in the Kyrgyz Republic.
Mackenzie delved into the progress of two significant gold projects, Tulkubash and Kyzyltash, under the same licence, shedding light on their potential impact on the company's gold production.
Additionally, he discussed the evolving landscape of the Kyrgyz Republic as a favourable mining jurisdiction, highlighting the government's renewed focus on attracting foreign investment.
Stephen Gunnion (SG): David, could you give us a brief overview of Chaarat Gold's current operations in the Kyrgyz Republic?
David Mackenzie (DM): Certainly, Stephen. Chaarat Gold operates two major projects in the Kyrgyz Republic, both under the same licence. Our Tulkubash project is an open-pit venture poised to produce around 95,000 ounces of gold annually. It's nearly ready for operation, requiring about 18 months to build. We've just finalised an EPC [engineering, procurement and construction] contract and are now awaiting final financing. Additionally, our Kyzyltash project, an underground endeavour, has the potential to yield a significant 350,000 ounces per annum.
SG: What can you tell us about the strategic significance of the Kyrgyz Republic as a mining jurisdiction?
DM: The Kyrgyz Republic is increasingly prominent in mining. Despite past challenges, the new government's proactive stance on foreign investment is remarkable. They've shown this through various initiatives, such as sending large delegations to international forums and actively promoting foreign investment. This transformation is making the Kyrgyz Republic an attractive mining jurisdiction.
SG: What are the immediate goals for Chaarat Gold in terms of project financing and development timelines?
DM: Our immediate focus is on securing project financing, which we aim to complete in the first quarter of 2024. Following this, we plan to initiate the EPC with Power China in the second quarter of 2024. With these steps in place, we anticipate our first gold production by the fourth quarter of 2025.