Chaarat is a gold mining company which owns the Kapan operating mine in Armenia as well as Tulkubash and Kyzyltash gold projects in the Kyrgyz Republic. Chaarat announced that it has exceeded its production guidance at its Kapan mine in Armenia and made good progress on the development of the business despite the COVID-19 pandemic, and earlier cross-border hostilities in Armenia and protests in the Kyrgyz Republic.
The company said that FY 2020 production guidance of 55 thousand gold ounces equivalent (“koz”) for Kapan exceeded by 6%, finishing the year at 58.2 koz despite the ongoing COVID-19 situation and hostilities in H2 of 2020. All-in-sustaining cost was USD 1,034/oz, in line with USD 1,040/oz for 2019. Chaarat added that a peace deal signed in November 2020 between Armenia and Azerbaijan led to stabilisation in country resuming sooner than expected. At Tulkubash, the company advanced the construction preparation work and detailed engineering with close to USD10 million invested in 2020 despite the COVID-19 restrictions and political unrest in Q4. In 2021, Chaarat plans to produce 57 koz including treated third-party ore of 50 kt during the year.