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First gold pour on the challenge has been additional delayed from 2023 to the second half of 2024, Chaarat stated within the assertion.
Canada’s Centerra and the Kyrgyz authorities have clashed over monetary and environmental points associated to Kumtor for years. Their standoff took a flip for the more severe in Might 2021, when the nation took management of the mine, alleging the corporate was operating it in a method detrimental for each the surroundings and close by communities.
Based mostly on latest information concerning the challenge from Centerra and Kyrgyz authorities, Chaarat stated it expects a decision of the state of affairs quickly, which might enable it to proceed discussions round a standalone financing or a complete refinancing of its present debt excellent and financing of Tulkubash.
“Development progress at Tulkubash was negatively impacted by the delay in our debt financing efforts,” govt chairperson Martin Andersson stated within the assertion. “The Kumtor state of affairs had led to cautiousness out there and till the problem is resolved, funding stays a problem.”
Chaarat, which has an working mine in Armenia and property at numerous phases of improvement within the Kyrgyz Republic, reported manufacturing of 63,000 gold equal ounces final yr, together with 14,000 ounces from third-party ore output. The determine beat its 2021 steering of 57,000 ounces.
This yr, it expects to provide between 50,000 and 53,000 ounces from its personal ore and an extra 6,000 to 9,000 ounces from third-party ore.
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