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British-owned Chaarat Gold sells its Kapan gold mine to local company

17.08.2023, 17:51
British-owned Chaarat Gold Holdings is selling its Kapan gold mine in Armenian Syunik for $54.5 million to Armenian miner Gold Mining Company.
British-owned Chaarat Gold sells its Kapan gold mine to local company

YEREVAN, August 17. /ARKA/. British-owned Chaarat Gold Holdings is selling its Kapan gold mine in Armenian Syunik for $54.5 million to Armenian miner Gold Mining Company.

The miner said the deal represented a beneficial exit opportunity at a time when Kapan is facing higher costs, potential losses and further funding requirements..

The buyer operates the Lichkvaz mine in Armenia, which has supplied third-party ore to the Kapan processing plant for years.  

Kapan mine is one of the largest gold mines in Armenia with reserves of gold estimated at 5.15 million ounces. Its silver reserves are estimated at 95.6 million ounces. The mine also contains copper and zinc concentrates. -0-