Chaarat Gold Holdings Limited, a British company engaged in gold asset development in Armenia and Kyrgyzstan, has successfully concluded the sale of its operating asset, the Kapan deposit in Armenia. This strategic move allows the company to focus its efforts on becoming a leading gold mining company by developing its assets in the Kyrgyz Republic.
Chaarat Gold Holdings Limited possesses the rights to develop the extensive Chaarat gold deposit located in the Kyrgyz Republic. Since embarking on its investment activities in Kyrgyzstan, the company has committed over $170 million towards the exploration of the Chaarat gold deposit, utilizing its own financial resources. In addition to this substantial investment, the company has made significant contributions to the country’s economy, including approximately 1 billion soms in tax contributions to the national budget, around 100 million soms in social payments, and 47 million soms in non-tax payments. Furthermore, the company has transferred nearly 100 tons of gold to the state balance, which is expected to generate royalties and tax payments exceeding $175 million over the initial five years of production. The annual production estimate for this period stands at 94,000 ounces of gold in D’ore bars from the Tulukubash region.
One of Chaarat’s central objectives revolves around the development and support of the local community. Consequently, the company consistently allocates funds towards sponsorships and social programs, encompassing initiatives such as hospital renovations, the construction of children’s playgrounds, financial support for the education of young professionals, scholarships for students, and the organization of sports events. By championing the region’s sporting endeavors, Chaarat actively contributes to the growth of sports in the area.
The years spanning from 2020 to 2022 were marked by the unprecedented global challenges posed by the COVID-19 pandemic. Given the novel nature of the virus, the global healthcare community encountered obstacles and casualties in the pursuit of effective treatment. In light of these circumstances, Chaarat extended its assistance during the initial stages of the pandemic in the following ways:
Provision of PCR amplifiers and PCR reagents for testing purposes to the Kyrgyz government.
Implementation of comprehensive infection control measures within the workplace to mitigate the spread of the virus.
Acquisition and donation of a fully equipped reanimobile to the local population.
Contribution of 10 oxygen concentrators to the Chatkal district.
Chaarat maintains an unwavering commitment to environmental preservation and adheres strictly to established environmental and conservation standards, both within the Kyrgyz Republic and on an international scale. The company’s future plans for the next two years encompass attracting investments exceeding $200 million for the construction of the Tulukubash project, investment in the development of the Kyzyltash project, and the creation of new employment opportunities.
It is crucial to recognize that Chaarat consistently strives to operate in harmony with the principles of mutual benefit for all stakeholders, including the local community and the state. Over the past decade, Chaarat has played a pivotal role in the advancement of local communities by generating employment opportunities and providing vital social support.