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Chaarat Gold Holdings Ltd - gold miner with operations in Armenia and assets in Kyrgyzstan - In the six months ended June 30, mines 321,100 tonnes of ore at the Kapan mine in Armenia. This is up 6.5% from 303,700 tonnes the previous year. However, the mine grade was 12.2% lower at 2.94 grams per tonne of gold equivalent. Kapan production totals 30,562 gold equivalent ounces, down 8.1% from 33,248 ounces the previous year.
Earnings before interest, tax, depreciation and amortisation in the half are expected at $8.1 million, down from $13.5 million the previous year.
‘Kapan made good progress operationally in the quarter despite mining in narrower vein areas which had an impact on grade. Financial performance was impacted by lower commodity prices and a higher Armenian Dram compared to the US Dollar,’ says Chief Executive Mike Fraser.
Full-year Kapan production guidance remains unchanged at between 56,000 to 62,000 ounces.
Current stock price: 11.50 pence, down 6.1% in London on Friday
12-month change: down 45%
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