Wednesday, December 6th 2023

Chaarat Gold Holdings Ltd

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After surviving the perfect storm, this looks to be the year for Chaarat


“…this should be our year. The racehorse is ready to run now, we just need to let it out the starting gates…”


With inflationary pressures, the ‘new-old’ border conflict between Armenia and Azerbaijan, the departure of the chief financial officer, and a problem with a peer that unfairly tars you with the same brush and Chaarat Gold has unequivocally faced the perfect storm.

It’s blowing over as quickly as the dual storms of Dudley and Eunice that graced the U.K.  in February.

The role of CFO has been taken on by Chaarat’s Group Financial Controller David Mackenzie, and as chief operating officer Darin Cooper explains the funding that former finance chief Chris Eger had been overseeing was always a collaborative conversation among all management.

The company is not reliant on funding to survive as the producing mine Kapan is a cash cow and ripe for further development.  The funding was required for Tulkubash, the jewel in the crown and one that was about to have its coronation until there was attrition between neighbouring Centerra Gold’s Kumtor mine and the Kyrgyz government.  That and Covid put the kaibosh on Chaarat’s funding negotiations.

Resolution is imminent according to local and international sources, and Chaarat is well placed to resume the funding conversations.

Cooper uses a racing analogy that the racehorse is ready to run. “We just need to let it out of the starting gates.”

He talks to Sarah Lowther about the company’s new chief executive, how 2022 is going to be Charaat’s year and the cost cutting measures being considered to combat inflationary pressures that are deemed temporary.


Watch new CEO Mike Fraser talk to Mining Weekly Editor Martin Creamer about Chaarat, his leadership of the gold mining company and relationships with government

Access the 2022 corporate presentation


Read the TMS Reach article on the company


Follow the company on Twitter – @ChaaratG


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