Chaarat Gold in talks to buy Armenian mine from Russia’s Polymetal
Chaarat Gold, the Aim-listed gold explorer, is in talks to buy the Kapan gold mine in Armenia from Russia’s Polymetal, in its latest effort to expand through acquisitions.
The mine, which Polymetal acquired in 2016, produced 50,000 ounces of gold last year, making a profit of $20m before taxes.
Chaarat, which is based in Kyrgyzstan, has said it wants to build a “leading Central Asia” gold company through acquisitions, targeting 1m ounces of annual production. In May it made an $800m bid for the Kumtor gold mine in Kyrgyzstan from Centerra Gold, which was rejected by the company.
Chaarat is led by Artem Volynet, a former chief executive of Russia’s EN+ and who was appointed deputy chief executive of aluminium producer Rusal in June.
Polymetal said “there is no certainty that a transaction will be agreed.”
Chaarat said in a statement that “should agreement be reached, the company plans to sign the sale and purchase agreement as soon as practicable.”
Shares in Chaarat have risen by 6 per cent this year to 24.15p. The company is looking to raise $50m from a convertible bond sale.
- Statement of MFA of Armenia on the adoption of Resolution 296 affirming the US record on the Armenian Genocide by US House of Representatives
- Pushed by latest Turkey aggression, House passes resolution formally commemorating the Armenian Genocide. The Boston Globe
- Today is renowned Armenian actor Sos Sargsyan's birthday
- Тhe air temperature will gradually go up by 2-3 degrees, in the daytime of 20 it will go down as much
- Armenian PM, President of Artsakh discuss mutual cooperation in Yerevan
- Recipe Corner: Stuffed Roma Tomatoes with Three Cheeses
- President of Armenia holds meeting with delegation of Confindustria Russia
- Coffee may be useful in the fight against diabetes, scientist say
- Armenia's Haypost wins first prize at Europa Stamps 2019
- 2,000 CSTO troops participating in Search 2019 exercise
- Nepal, China agree to remeasure height of Mt Everest: Times of India
- One of the rarest coins in the world dating back to 723AD goes on sale for £1.6MILLION
- Aronian and Hakobyan are half a point behind tournament leaders
- Armenian FM, OSCE MG Co-Chairs highlight formation of favorable environment for peace
- Japan Typhoon death toll rises: NHK
- Airbus delegation to visit Armenia at President’s invitation
- Armenian PM receives OSCE Minsk Group Co-Chairs
- Syrian army enters Manbij to block Turkey’s expansion
- Today is Global Handwashing Day
- Kim Kardashian “emotional” over visit to Armenian Genocide Museum-Institute
- US sanctions Turkish ministries over Syria offensive
- Remote working may increase stress, reduce well-being: study
- Lepsius House, Genocide Museum Signs Cooperation Agreement
- Тhe air temperature will gradually go up by 3-4 degrees
- Holy Trinity Armenian Apostolic Church Bread Sticks (Simit)