Chaarat Gold CEO resigns amid plans for "simplified" leadership

(Alliance News) - Chaarat Gold Holdings Ltd on Monday announced the resignation of Chief Executive Officer Mike Fraser, with immediate effect.

Shares in Chaarat were up 11% at 4.38 pence on Monday morning.

The gold miner, which has an operating mine in Armenia and assets in Kyrgyzstan, said the board agreed to waive Fraser's six-month notice period. He joined Chaarat as CEO in January 2022, having previously served as chief operating officer of South32 Ltd since April 2018.

"Following the disposal of Kapan and the near-term focus on the development of [the] Tulkubash and Kyzyltash [projects in Kyrgyzstan] it is an appropriate time to move forward with a simplified leadership structure for the company," Fraser commented.

Chaarat completed the sale of Chaarat Kapan CJSC, its Armenian subsidiary, to Gold Mining Co LLC on Friday having announced the USD55.4 million sale in August. It said the disposal was necessary to ensure the Kapan mining operation's sustainability due to the Armenian dram's significant appreciation.

Executive Chair Martin Andersson and Chief Financial Officer David Mackenzie will lead Chaarat until a new CEO is appointed.

By Emma Curzon, Alliance News reporter

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