The Shahumyan gold-polymetallic mine, the second largest gold mine in Armenia, is located near the town of Kapan, in the country’s southern Syunik Province.
Mining.com quoted CGH CEO Mike Fraser as saying the deal represents a "a beneficial exit opportunity at a time when Kapan is facing higher costs, potential losses and further funding requirements".
A statement on the sale issued by CGH says the buyer of its subsidiary Chaarat Kapan CJSC, operates the Lichkvaz gold mine located some 70 kms from the Syunik town of Kapan.
In fact, the Lichkvaz mine is operated by Lichkvaz CJSC, not Gold Mining Company LLC.
Lichkvaz CJSC is owned by Yerevan resident Sasun Avetisyan, who’s from Kajaran. He also owns Gold Mining Company.
Lichkvaz CJSC, registered in Yerevan, was founded in 2010 and has the right to operate the Lichkvaz-Tey mine until 2036. Gold Mining Company received state registration this month, on August 2.
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