Chaarat inks deal to sell Armenia's Kapan mine - DIGITALLOOK

Chaarat inks deal to sell Armenia’s Kapan mine – DIGITALLOOK

17/08/2023

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Chaarat Gold announced a binding agreement to sell its 100%-owned Armenian subsidiary Chaarat Kapan on Wednesday, which is responsible for the Kapan mining operation in southern Armenia. The AIM-traded firm said the deal, worth $55.4m, is between Chaarat and Gold Mining Company - a known entity in the Armenian mining space. It said the Kapan Mine had been functional since the 1960s, and was known for its polymetallic ore body, producing copper and zinc concentrates as well as by-products including gold and silver. Chaarat took ownership of the Kapan Mine in 2019, and since then, there had been significant improvements in the mine's operational performance. It consistently met production guidance for between 50,000 and 65,000 gold equivalent ounces annually under Chaarat's administration. The mine - Chaarat’s sole operating asset - brought in EBITDA of $22.7m in 2021 and $12.6m in 2022. However, its financial performance in the first half of 2023 was impacted by a p

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