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Chaarat Gold Holdings Ltd

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Fully focused and positive thinking for Chaarat Gold 


“…We’re a significant way towards production. All of the exploration is done. All of the design work is done. We have a very good robust mine ahead of us…”


The aims of Chaarat Gold are selective and significant.

It owns the Kapan polymetallic mine in Armenia, and the gold mining company is demonstrating Kapan’s profitability and performance remain strong.

Recent results reveal just under 26,000 ounces of gold equivalent were produced in the first half and Chaarat is still on track to deliver on its 57,000 ounce guidance for the year.  

Chief operating officer Darin Cooper is looking forward to expanding the resource there. “We are working on what is called the East Flank which is an area of very high potential for Kapan. It’s been drilled extensively but not extensively enough in the past, so what we’re working on right now is being able to bring that up to resource and reserve levels so we can bring that online.”

The team is also focussed on the jewel in Chaarat’s crown – the Kyzyltash sulphide deposit.  “It’s the deposit that was first on the radar,” says Cooper. It’s a longer term, and rather more speculative venture and, “This year we’re spending money doing significant metallurgical testing and detailed engineering to optimise the best solution.”

The company is good at optimisation bringing many services and materials in house.  It’s also exquisite at diplomacy working alongside the recently re-instated government to consolidate itself as a mining-friendly administration.  This is important for Chaarat’s primary focus which is the development of the Tulkubash Oxide Gold Project, and investability in both the country and Chaarat itself.

“We’re a significant way towards production,” adds Cooper. “All of the exploration is done. All of the design work is done.  We have a very good robust mine ahead of us.”

As for the grumblings of political unrest that have permeated both Armenia and Krygystan, Cooper is confident about region-wide stability. “This is still a good region to operate within. We don’t see any risks going forward.”

Chaarat is working on securing the $115m needed to fund the mine’s construction.  Again Cooper is confident. “We’ve seen some good healthy interest in what we’re offering and hopefully that will result in money coming soon.”

While progressive, Cooper is pragmatic.  His immediate and consistent focus are concurrent – that of grounding.  The giddiness of the projects’ potential are constant, but he is reminding the team about safety, about purpose and safety again.    As he explains to Sarah Lowther he is instilling “the right behaviours, the right thinking, the right approaches to keeping safe in the workplace and doing that in a way that ensures safety of individuals and the longer term operability and profitability of the organisation.”

He’s ensuring Covid fatigue doesn’t impact colleagues and collaborators intellectually or from a common sense point of view.   As COO he’s the conduit aligning safety, personnel issues and commercial profitability.


Watch Darin speak alongside other representatives from the mining sector about industry ESG  initiatives


Watch chief executive Artem Volynets tell Proactive London’s Katie Pilbeam about how Chaarat moved into a profit in the most recent financial year.

Read our most recent article on Chaarat from @TMsreach here


Follow the company on Twitter @ChaaratG

The author was remunerated but does not hold shares in the company