4th Aug 2020 14:07
Chaarat Gold Holdings Ltd - gold mining company focused in Armenia and Kyrgyz Republic - Gold equivalent production for the first half of 2020 at Kapan gold mine in Armenia is 26,960 ounces including 543 ounces produced from third-party ore. This compares to the previous year's first half of 29,607 ounces, an 8.9% reduction year on year. The company said that despite gold prices increasing by 26% in the half, this was offset by comparable decreases in copper and zinc prices. The miner achieved an average gold price for the half of USD1,665 per ounce versus USD1,327 per ounce a year prior. Total tonnes mined in the first half was 360,957 tonnes, an increase of 11% at 326,278 tonnes a year prior. Gold equivalent grades mined in the half were 2.87 grams per tonne, versus 3.02 grams per tonne a year prior. Chaarat Gold said the grades during the past six months were still impacted by mining in lower-grade areas, but the company is now in the process of developing towards higher-grade areas, meaning grades are expected to improve. The company remains on track to deliver on its guidance for the year of gold equivalent 55,000 ounces.
Current stock price: 33.80 pence
Year-to-date change: down 4.0%
By Greg Roxburgh; [email protected]
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