British "Chaarat Gold International Limited" sells 100% shares of "Chaarat Kapan" CJSC for USD 55.4 million. The company develops Shahumyan gold-multimetallic mine in the underground manner and Kapan copper-molybdenum combine in Syunik Region.
The buyer is "Gold Mining Company" LLC. According to "Chaarat Gold International Limited", the sale is due to the unfavorable environment of USD/Dram exchange rate. The press release states that the buyer, "Gold Mining Company" LLC, operates the Lichkvaz-Tey mine, which supplied ore to Kapan combine for processing. It should be noted that the right to soil management of Lichkvaz-Tey gold mine belongs to "Lichkvaz" CJSC.
The owner of "Lichkvaz" CJSC is Sasun Avetisyan, an RA citizen, and "Gold Mining Company" LLC, which was established on August 2, 2023. There is no information about the owner in the same source. However, both companies are registered at the same address.
The operators of Shahumyan gold-multimetallic mine and Kapan copper-molybdenum combine change regularly. In 2016, the operator, Canadian "Dundee Precious Metals Kapan" CJSC, was sold to Russian "Polymetal International" for 25 million USD. Just 2 years later in 2018, Polymetal International sold the assets to UK-based Chaarat Gold Holdings Limited for $55 million.
August 21, 2023 at 16:00