Chaarat Gold’s strong production results at Kapan mine, Armenia
Chaarat Gold owns the Kapan operating mine in Armenia as well as Tulkubash and Kyzyltash gold projects in the Kyrgyz Republic.
Chaarat Gold announced that it produced 16,174 gold equivalent ounces at its Kapan mine in Armenia in Q1 2021, which represents a 21% increase on Q1 2020 (13,353 oz) as a result of increased third-party ore treatment and improved mine grade. The company said that Q1 2021 production consisted of 8,893 ounces of gold, 160,945 ounces of silver, 605 tonnes of copper and 1,527 tonnes of zinc. Third party ore treated was 34kt for Q1 2021 vs 0kt for Q1 2020, approximately 10kt above the target for the period.
Chaarat added that all-in-sustaining cost (AISC) of USD1,024 /oz also improved compared to Q1 2020 (USD1,074 /oz, -4.7%) due to further efficiency gains realised in the milling circuit. Chaarat pointed out that it remains on track to deliver on its AuEq 57koz guidance for the year. The company also noted that it has received strong support and appreciation for investment and community support from new government and head of investment agency in Kyrgyz Republic.
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