British Chaarat Gold Holdings Limited has announced the signing of a significant memorandum of understanding with the Government of Kyrgyzstan, as stated in the company's press release.
The memorandum of understanding encompasses the Tulkubash and Kyzyltash projects, which collectively possess over 6 mn ounces of gold resources, presenting the potential for an annual gold production exceeding 350,000 ounces. Chaarat aims to finalize the financing for the initial phase of the Tulkubash project by the conclusion of the first quarter in 2024.
This memorandum of understanding serves as a valuable addition to the agreement established in 2019, underscoring the Kyrgyz Republic government's steadfast commitment to supporting Chaarat Gold's projects and fostering increased investment by the company within the republic.
Chaarat Gold Holdings works in close collaboration with the Government of Kyrgyzstan to enhance the investment climate and advocate for the country's initiatives on an international scale, as highlighted in the statement.
In October 2023, Chaarat successfully concluded the sale of the Kapan field in Armenia to Gold Mining Company LLC for a substantial sum of $55.4 mn. This strategic move allows Chaarat to concentrate its efforts on establishing the foremost gold mining enterprise in emerging markets, focusing on the development of assets in the Kyrgyz Republic.
Chaarat Gold Holdings Limited is a British company actively engaged in gold mining projects across Kyrgyzstan, Armenia, and Uzbekistan. The company's shares are publicly listed on the AIM platform of the London Stock Exchange.