Chaarat Gold's losses widen 25% to $14 mln in 2013
MOSCOW. June 24 (Interfax) - Chaarat Gold Holdings, an exploration and development company with assets in Kyrgyzstan, sustained net losses of almost $14.4 million for 2013, the company said in a statement.
That is 25% more than in 2012
Exploration costs fell 24% and amounted to $4.8 million. Administrative expenditures fell 9% and amounted to $5.7 million. The company also had to write off $4 million due to asset impairment.
Cumulative losses at the end of 2013 amounted to $80.6 million.
Chaarat Gold's cash assets fell 69.7% to $11.2 million. The company has no loans outstanding.
Chaarat Gold's flagship asset is the Chaarat gold deposit with resources amounting to 5.29 million ounces. The company is planning to conduct a Definitive Feasibility Study (DFS) at the beginning of 2015. According to Chaarat's estimate, total production at this deposit could reach 250,000 ounces per year. The company has the means to complete exploration, but putting the field into production may require additional investment, Chaarat said.
According to the latest information, the largest shareholder of Chaarat Gold is the Fasanara Capital fund, holding 16.01%. British First State Investments owns 8.15%. As of May 22, 2013, 8.97% of shares belonged to China Nonferrous Metals International Mining, and 5.13% of shares were owned by BlackRock. In addition, Chaarat Gold CEO Dekel Golan owns 5.84% of shares and the company's executive director, Alexander Novak, holds 4.38%. Chaarat is traded on the London Stock Exchange.