Share Search
Visit the Share Search
Chaarat maintains expectations as Armenia hostilities cease
13th Nov 2020 13:01
(Sharecast News) - Mining company Chaarat Gold updated the market on the current situation in Armenia on Friday, where it has an operating mine.
The AIM-traded firm said that on 9 November, a peace deal brokered by Russia was agreed between Azerbaijan and Armenia in relation to the Nagorno-Karabakh region.
Russia deployed peacekeeping resources to the region, with an initial period of five years and a potential extension for another five years.
Chaarat said the operational impact of the conflict had been limited, with management focussing on higher grade areas and treating additional third-party ore purchases.
Additionally, transport routes and concentrate shipments had seen minimal impact from the conflict.
As a result, Chaarat maintained its annual production guidance of 55,000 gold equivalent ounces from the Kapan operation.
"Chaarat proactively managed the situation in the previous months and was able to balance production allowing us to maintain our annual guidance," said chief executive officer Artem Volynets.
"The outstanding efforts of our employees were critical in keeping our operations as stable and successful as they have been to date."
At 1234 GMT, shares in Chaarat Gold Holdings were up 9.3% at 28.8p.
The AIM-traded firm said that on 9 November, a peace deal brokered by Russia was agreed between Azerbaijan and Armenia in relation to the Nagorno-Karabakh region.
Russia deployed peacekeeping resources to the region, with an initial period of five years and a potential extension for another five years.
Chaarat said the operational impact of the conflict had been limited, with management focussing on higher grade areas and treating additional third-party ore purchases.
Additionally, transport routes and concentrate shipments had seen minimal impact from the conflict.
As a result, Chaarat maintained its annual production guidance of 55,000 gold equivalent ounces from the Kapan operation.
"Chaarat proactively managed the situation in the previous months and was able to balance production allowing us to maintain our annual guidance," said chief executive officer Artem Volynets.
"The outstanding efforts of our employees were critical in keeping our operations as stable and successful as they have been to date."
At 1234 GMT, shares in Chaarat Gold Holdings were up 9.3% at 28.8p.