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.
- Alexis Ohanian welcomes Dwayne Johnson to Armenian "clan"
- 5 Day Weather Forecast
- Armenia to take part in World Championship with 9 weightlifters
- Liu Yifei: Mulan boycott urged after star backs HK police
- Siberian ulcer case recorded in Armenia
- “Forget-me-not” tower set to be built in Yerevan
- DOD Conducts Ground Launch Cruise Missile Test
- President Sarkissian, Khaldoon Al Mubarak meet in Manchester
- OSCE to conduct monitoring at Artsakh-Azerbaijan Line of Contact
- From Belgrade to Buenos Aires, these are the world's best party cities
- Oscars 2020 odds: Joaquin Phoenix and Once Upon a Time in Hollywood early favourites
- How social media affects girls' mental health: study
- Bulgur, Mint and Peach Salad Recipe
- George R.R. Martin: "Game Of Thrones" being over is "freeing"
- The air temperature will not essentially change
- International Photo Festival to be held in Yerevan
- Turkey Fires Kurdish Mayors Ahead of Military Push Into Syria - Bloomberg
- Iran warns U.S. against seizing Grace 1 oil tanker
- Study reveals over third of children and adolescents are passive smokers
- Danish PM hopes Trump ‘isn’t serious’ about buying Greenland: NYP
- Scientists on possible consequences of large-scale nuclear war
- Improvement of military positions is constant process: Armenia MOD
- Best food to lower high blood pressure
- Chinari village can no longer be fired at from Azerbaijan: Ararat Mirzoyan
- Messi completely recovered from calf injury