9th Apr 2024 14:30
Chaarat Gold Holdings Ltd - gold miner, which has an operating mine in Armenia and assets in Kyrgyzstan - Says pretax loss widens 27% to USD13.1 million in 2023 from USD10.3 million in 2022. This is due to finance costs, which balloon to USD7.9 million from USD3.6 million. Administrative costs meanwhile decrease 26% to USD5.2 million from USD7.0 million. Looking ahead, says it will continue to review its existing balance sheet structure with a view to further reducing interest cost and improving the structure of the balance sheet. Executive Chair Martin Andersson says: "Chaarat is now at a crucial stage of its development as we look to unlock the significant value of Tulkubash, and, in the longer-term, Kyzyltash. We are a mining company with a global resource inventory of 6.4 million ounces of gold however with a market capitalisation that, in the board's view, does not yet reflect this and which serves to highlight the significant upside potential for investors once we secure funding to enable us to eventually move into our first phase of production at Tulkubash." Read More
