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1 minute read

Chaarat Gold makes strong progress with Tulkubash open-pit project in the Kyrgyz Republic

Chaarat Gold Holdings Ltd (AIM:CGH) chief financial officer David Mackenzie joined Proactive’s Stephen Gunnion with an overview of the company’s operations in the Kyrgyz Republic, where it is advancing two significant projects on the same license: Tulkubash and Kyzyltash.

Tulkubash, an open-pit project expected to produce approximately 95,000 ounces of gold annually, is nearing operational readiness. The project requires 18 months to build, with a recently completed EPC contract and is awaiting final financing.

Additionally, Mackenzie highlighted the potential of the nearby Kyzyltash project, an underground venture poised to yield 350,000 ounces annually. This project, slated for a feasibility study refresh in 2025, promises to substantially enhance the company’s gold production capacity.

Mackenzie also discussed the strategic importance of the Kyrgyz Republic as a mining jurisdiction. The region has seen renewed interest in foreign investment, attributed to the proactive efforts of the new government, including outreach initiatives and participation in international forums.

He said the company is focused on completing project financing in Q1 2024 and initiating the EPC with Power China in Q2 2024. The company anticipates first gold production by Q4 2025.

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