Agreement Signed for the Sale of Kapan Mine for $55.4 Million: Who is the Buyer?

The British company Chaarat Gold has sold the Kapan mine in Armenia for $55.4 million to the Gold Mining Company, which is affiliated with the Armenian company "Lichqvaz," the operator of the Lichqvaz mine. This information was reported by Chaarat's press service and is noted by Armeniasputnik.am.

"The decision was driven by the rising costs and potential losses due to the increase in the exchange rate of the dram against the dollar. The transaction's completion is expected in the fourth quarter of 2023 or the first quarter of 2024, pending approval from shareholders and regulatory bodies," the statement said.

The Kapan mine is one of the largest gold mines in Armenia, with reserves of gold, silver, copper, and zinc concentrates.