viewChaarat Gold Holdings Ltd

Chaarat Gold Holdings Ltd building a portfolio of Central Asian assets


  • Chaarat Gold's interim profits jump, sees continuing strong performance in second half
  • Chaarat Gold has sufficient funds for equity part of Tulkubash development, broker says
  • Chaarat Gold Holdings report 'excellent results' considering last year was 'full of challenges'
gold and dollars

Quick facts: Chaarat Gold Holdings Ltd


Price: 21.5 GBX

Market Cap: £148.22 m

About the company

Chaarat is a gold mining company that 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 FSU through organic growth and selective M&A.

Chaarat is engaged in active community engagement programmes to optimise the value of the Chaarat investment proposition.

How it is doing

09 Sep 2021

Chaarat Gold Holdings Ltd (AIM:CGH, FRA:9IS) saw its interim profits jump, helped by higher production and commodity prices from its Kapan operating mine in Armenia, and said it expects its strong performance to continue during the second half.

Adjusted EBITDA surged to US$10.4mln, from US$0.5mln in the first half of 2020, due to the significantly improved operating performance at Kapan and lower overhead costs. Revenue grew 61% to US$48.1mln, boosted by a seven-fold leap in third-party ore production.

Kapan produced 32,813 gold equivalent ounces in the first half - with 25,896 ounces coming from its own ore and 6,917 ounces from third-party ore - up from 27,683 ounces in the year-earlier period.

The AIM-quoted company said it is on track to deliver on its gold equivalent 57,000-ounce guidance for the year.

05 Aug 2021

Chaarat Gold Holdings Ltd (AIM:CGH, FRA:9IS) said its chief executive Artem Volynets will step down by mutual agreement with immediate effect and will move into a senior adviser role.

The AIM-quoted gold mining company said executive chairman Martin Andersson will serve as interim CEO until a successor is found.

27 Jul 2021

Chaarat Gold Holdings Ltd (AIM:CGH, FRA:9IS) produced just under 26,000 ounces of gold equivalent from its Kapan mine in Armenia during the six months to June 2021.

All-in-sustaining costs rang in at US$1,063 per ounce, down slightly on a year earlier.

What the brokers say

26 Apr 2021

Chaarat Gold Holdings Ltd (LON:CGH) has sufficient financing to fund the remaining upfront equity part of the Tulkubash gold project in the Kyrgyz republic, said finnCap in a broker note. 

“Chaarat now has more than enough cash to provide the equity portion for the Tulkubash mine build,” said finnCap analyst Charlie Long.

“This morning’s announcement noted that the updated BFS should be complete in May, and project finance closed in H1. This would result in construction proper starting in early Q3,” he said.

What management says

08 Apr 2021

Chaarat Gold Holdings Ltd's (LON:CGH) Artem Volynets joins Proactive London's Katie Pilbeam to discuss their latest results which reveal the firm has moved into a profit in 2020 on increased production from its Kapan mine in Armenia.

A rise in commodity prices in the second half of the year also played their part which has resulted in 'record results' for the last year with EBITDA of US$9.3mln, compared with a loss of US$12.8mln in 2019, as revenue grew 12.5% to US$76.0mln.

Volynets says he believes these results are 'excellent' considering a year 'full of challenges' not only Covid-19 but geopolitical tensions in the region to contend with also.

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