Investor Concern Over Kyrgyzstan Hits Chaarat Gold’s Project

Kyrgyzstan’s Chaarat Gold said financing and construction are delayed at its Tulkubash project in Kyrgyzstan because of investor uncertainty following Centerra Gold’s Kumtor mine dispute with the Kyrgyz government. Chaarat said it was hoping to resolve the issues in the second half of 2022.

Chaarat added that first gold pour at the project is delayed from 2023 to the second half of 2024.

Centerra Gold and the Kyrgyz government have been at odds over financial and environmental issues related to Kumtor mine. In May last year, the government decided to take control of the mine accusing the Canadian company of running the mine in a way that was damaging to the environment and nearby communities.

Chaarat, which has operations in Armenia in addition to various projects in Kyrgyzstan, produced 63,000 gold equivalent ounces last year.

The company estimates this year’s production between 50,00 and 53,000 ounces from its own ore with an additional 6,000-9,000 from third party ore.

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