Chaarat Gold Holdings Ltd building a portfolio of Central Asian assets

  • Chaarat produces nearly 26,000 ounces of gold equivalent during the first half of 2021
  • 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


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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.

27 Jul 2021

(, ) 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.

EBITDA rose significantly, to US$13.5mln.

Third-party ore production contributed US$1.8mln.

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21 Jun 2021

() said it has entered into a new investment agreement with Ciftay Insaat Taahhut ve Ticaret A.S, the Turkish mining contractor for Chaarat’s Tulkubash project.

Ciftay and the Chaarat have replaced an existing joint venture agreement with the investment agreement to simplify the structure of the partnership and further align the interests of both parties.

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25 May 2021

() provided an updated JORC-compliant bankable feasibility study for its Tulkubash oxide gold project in the Kyrgyz Republic and said it is in the process of starting exploration works for the 2021 season.

The AIM-quoted company also said it was in talks to complete the financing package for the project, but warned that this could be affected by current events in the mining sector of the former Soviet republic.

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26 Apr 2021

() 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.

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08 Apr 2021

‘s () 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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