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Chaarat Gold Holdings Ltd - Gold miner, which has an operating mine in Armenia and assets in Kyrgyzstan - Says that its wholly-owned subsidiary, Chaarat Zaav CJSC, has entered into binding conditional agreements for the construction and operation of its wholly-owned Tulkubash gold project in the Kyrgyz Republic. The contract, which was signed with Power Construction Corporation of China Ltd, include: a USD82.8 million engineering, procurement, and construction ceiling price contract; a USD160.1 million for a five-year mining contract; and a USD7.2 million for a five-year operation and maintenance contract. Revised capital costs are now expected to be USD104.2 million, which is USD11.2 million lower than originally thought in the company's bankable feasibility study.
Chief Financial Officer David Mackenzie says: "Chaarat appreciates the pace at which Power China has worked to conclude commercial discussions, for what is another important milestone for the Tulkubash project. This is a key contract that fixes the majority of the project cost and materially de-risks the delivery of the project."
Current stock price: 4.94 pence, up 21% in London on Wednesday afternoon
12-month change: down 59%
By Holly Beveridge, Alliance News reporter
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