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Chaarat Gold withdraws offer to buy Centerra Gold and Kumtor gold mine

Published by
Global Mining Review,


Chaarat Gold, an exploration and development company in the Kyrgyz Republic, has announced that it has decided to end its pursuit of acquiring the Canadian company Centerra Gold and its Kumtor gold mine in the Kyrgyz Republic.

In a statement, the company said that ‘the unwillingness of Centerra to engage’ in discussions was the reason behind its decision.

Chaarat’s shares remain suspended from trading on AIM pending the publication of an Admission Document in relation to the potential acquisition of Kapan Mining and Processing Company CJSC, announced on 30 October 2018. The company will provide further updates to shareholders in due course.

Chaarat added that the objective of its proposal was ‘to combine the operations of Chaarat and the Kumtor mine, as part of Chaarat’s corporate strategy to participate in consolidation in the gold mining industry.’ Acquisition of the mine would also, according to Chaarat, have ‘represented an opportunity to align the interests of investors directly with the Government and People of the Kyrgyz Republic, who would benefit from a 50% interest in the post-tax cash flow from the mine.’

The company’s shares remain suspended from trading on AIM pending the publication of an Admission Document in relation to the potential acquisition of Kapan Mining and Processing Company CJSC, announced on 30 October 2018. The company will provide further updates to shareholders in due course.

Read the article online at: https://www.globalminingreview.com/finance-business/31102018/chaarat-gold-withdraws-offer-to-buy-centerra-gold-and-kumtor-gold-mine/

 

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