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Chaarat Gold Holdings Ltd - Gold miner, which has an operating mine in Armenia and assets in Kyrgyzstan - Says that its wholly-owned subsidiary, Chaarat Zaav CJSC, has entered into binding conditional agreements for the construction and operation of its wholly-owned Tulkubash gold project in the Kyrgyz Republic. The contract, which was signed with Power Construction Corporation of China Ltd, include: a $82.8 million engineering, procurement, and construction ceiling price contract; a $160.1 million for a five-year mining contract; and a $7.2 million for a five-year operation and maintenance contract. Revised capital costs are now expected to be $104.2 million, which is $11.2 million lower than originally thought in the company’s bankable feasibility study.
Chief Financial Officer David Mackenzie says: ‘Chaarat appreciates the pace at which Power China has worked to conclude commercial discussions, for what is another important milestone for the Tulkubash project. This is a key contract that fixes the majority of the project cost and materially de-risks the delivery of the project.’
Current stock price: 4.94 pence, up 21% in London on Wednesday afternoon
12-month change: down 59%
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