Chaarat Gold Holdings has taken steps to place a stronger focus on bringing its flagship Tulkubash Gold Project in the Kyrgyz Republic into production. The measures include two new Board appointments.
Chaarat’s largest shareholder will join the board of the company as non-executive chairman with current chairman Christopher Palmer-Tomkinson stepping down. The appointment of Martin Andersson, who holds his Chaarat stake through Labro Investments, coincides with a refreshed statement of the planned path to production for Tulkubash.
An additional director, Martin Wiwen-Nilsson, an associate of Martin Andersson, will also be appointed as a non-executive director.
The changes mark a new emphasis at Tulkubash where previously an option for sale had also been on the table.
Chaarat says that while it had garnered ‘significant interest’ from Chinese companies, its expectations about valuation had not been met in any substantive offers.
Accordingly, the company says that a production scenario based around a feasibility study completed earlier in the year is now likely. Chaarat says this will deliver ‘greater value’ for shareholders.
The company believes Tulkubash could produce an initial 60,000 to 70,000 ounces of gold per year over five years, with further production from the seven million ounces resource base thereafter.