- Armenia and Kyrgyz Republic focused miner Chaarat Gold stuck to its annual production guidance even as output fell in the third quarter.

Quarterly production of 15,175 gold equivalent ounces (+8.7% vs Q2 2020). Chaarat remains on track to achieve full-year guidance.

The company still expected to produce 55,000 of gold equivalent ounces in the year through December, though the guidance would be kept under regular review given the ongoing COVID-19 pandemic and political unrest in Armenia.

Production in the third quarter amounted to 15,175 gold equivalent ounces, down 8.7% compared to the second quarter.

A bankable feasibility study and environmental impact assessment for the Tulkubash project were expected before year end, incorporated to include significant drilling, construction, and environmental progress since last versions.

'The ongoing Covid-19 pandemic and events in our countries of operation have presented unprecedented challenges for Chaarat during this quarter,' chief executive Artem Volynets said.

'In preparation for any possible operational disruptions during this quarter we are targeting higher grade ore at Kapan to offset potential lower capacity through the plant and to ensure that full-year guidance is met.'

'In addition, we are continuing our advanced-stage discussions with financiers for our Tulkubash project and during the current quarter we were successful in refinancing our investor loan.'

At 1:43pm: [LON:CGH] Chaarat Gold Holdings Ltd share price was -0.15p at 24.95p

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