Kumtor dispute pushes out Chaarat’s Tulkubash timeline
Aim-quoted miner Chaarat Gold is hopeful that investor confidence in Kyrgyzstan will be re-established soon to allow debt financing efforts for the Tulkubash project to pick up speed.
The dispute between Canada’s Centerra and Kyrgyzstan over the Kumtor mine has had a significant impact on the Tulkubash project, pushing out the debt financing timeline for the project to the second half of 2022.
The project’s first gold pour has also been further delayed from 2023 to 2024, Chaarat reported on Wednesday.
“The Kumtor situation had led to cautiousness in the market and until the issue is resolved, funding remains a challenge,” said executive chairperson Martin Andersson.
He stated, however, that the company was hopeful that the situation would be resolved shortly, citing recent press releases by Centerra regarding the Kumtor matter.
“The emphasis for 2022 will be to conclude the debt financing for Tulkubash to achieve our first gold pour in 2024, target but also to progress work on Kyzyltash with a processing route decision in the beginning of 2023 to create substantial long-term value for Chaarat shareholders,” said Andersson.
The 2021 bankable feasibility study increased confidence in the Tulkubash project, which will produce 95 200 oz/y over five years at an all-in sustaining cost of $866/oz. Initial capital expenditure of $115-million is required for the mine.
Chaarat plans to develop the Kyzyltash project once the Tulkubash project is in operation.
Meanwhile, the miner’s Kapan mine, in Armenia, produced 63 000 gold-equivalent ounces, including 14 000 oz from third-party ore. This is 10.5% more than 2021’s production guidance of 57 000 oz. The mine exceeded its processing target of 50 000 t for third-party ore by 95 000 t.
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