Chaarat Gold Holdings Limited announced an increase in ore mined at its Kapan mine in Armenia in the first half and said it remains on track to deliver on.
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Production was up 21%, while costs were down 4.7%, as the Kapan mine continued to deliver
Chaarat Gold Holdings Ltd (LON:CGH) produced 16,174 ounces of gold equivalent from its mine in Armenia during the quarter to 31 March 2021, an increase of 21% on first quarter of the previous year.
All-in-sustaining costs rang int at US$1,024, a comfortable margin on the current gold price of over US$1,750.
EBITDA amounted to US$6.9mln, a 245% increase on the corresponding period a year ago.
Meanwhile the company also continued to advance development plans for its Tulkubash & Kyzyltash projects in the Kyrgyz Republic. An updated bankable feasibility study is expected in May 2021, with project financing likely to follow soon after.