25 Oct 2022 09:53

Chaarat in talks to buy Amulsar gold project in Armenia

MOSCOW. Oct 25 (Interfax) - Chaarat Gold is holding negotiations on the potential acquisition of Lydian Armenia, which owns the Amulsar hard rock gold deposit in Armenia, the gold miner reported.

Chaarat said there is no certainty at this stage that the transaction will take place.

Lydian Armenia is a wholly owned subsidiary of Lydian Canada Ventures, which in turn is owned by U.S. investment company Orion Mine Finance and Canada's Osisko Gold Royalties. The latter's website said that Amulsar's reserves are estimated at 2.6 million ounces of gold and 12.7 million ounces of silver. The overall resource base is 4.8 million ounces of gold and 25.1 million ounces of silver.

In mid-October it emerged that Chaarat Gold is interested in buying Shanta Gold, a company with assets in Tanzania and Kenya.

Chaarat Gold's assets include the Chaarat hard rock gold project in Kyrgyzstan and the Kapan operating gold and polymetallic mine in Armenia. The company's largest shareholder is Brunswick Group cofounder Martin Andersson, who together with Labro Investments controls about 45.8%. Chaarat is listed on the AIM of the London Stock Exchange.