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Chaarat Gold on track to produce 55,000 ounces of gold this year

Chaarat Gold is continuing to advance its portfolio of Central Asian assets

Chaarat Gold Holdings Ltd -

Chaarat Gold Holdings Ltd (LON:CGH) produced 26,960 ounces of gold equivalent from its Kapan mine in Armenia during the first half of 2020 and expects to produce 55,000 ounces of gold for the year.

The company also took several steps to help alleviate the impact of coronavirus in its areas of operations in Armenia and Kyrgyzstan, including donating beds and equipment to the medical centre of Kapan, providing diagnostic kits and masks, and providing computers to school children.

WATCH: Chaarat Gold CEO updates on production and discusses large new exploration target at Kapan

The company has had its first case of the virus at Tulkubash in Kyrgyzstan, and is taking all possible precautions there.

Meanwhile, at Tulkubash, Chaarat is continuing with detailed engineering, and current works are being completed on time despite precautionary measures taken in response to the coronavirus.

Design on the Heap Leach Facility (HLF) and Adsorption-Desorption Recovery Facilities (ADR) is almost complete, and work on the crushing circuit and final equipment selection is ongoing. Further equipment mobilisation is on hold, as previously announced, due to the ongoing international travel and border restrictions.

The company is continuing its discussions with several parties and is working to finalise the project financing by the end of 2020.

Quick facts: Chaarat Gold Holdings Ltd

Price: 25.1 GBX

AIM:CGH
Market: AIM
Market Cap: £131.67 m
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