(Alliance News) - Chaarat Gold Holdings Ltd on Friday noted a cessation in the hostilities in the disputed Nagorno-Karabakh region between Armenia and Azerbaijan.
The mining company which operates in Armenia and the Kyrgyz Republic said the operational impact of the conflict on Chaarat was limited, as it focused on higher-grade areas and treating additional third-party ore purchases.
Transport routes and shipments have seen minimal impact from the conflict, the company said. As a result, Chaarat has maintained its annual production guidance of 55,000 gold equivalent ounces from its Kapan operation in Armenia.
On Monday, a peace deal brokered by Russia was agreed between Azerbaijan and Armenia in relation to the Nagorno-Karabakh region.
Chief Executive Artem Volynets said: "Chaarat proactively managed the situation in the previous months and was able to balance production allowing us to maintain our annual guidance. The outstanding efforts of our employees were critical in keeping our operations as stable and successful as they have been to date."
Chaarat shares were up 2.5% at 27.00 pence each in London on Friday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Chaarat Gold (CGH)