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Chaarat Gold purchases major gold and copper mine in Armenia

Mining News - Published on Mon, 11 Feb 2019

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The company, Chaarat Gold, is the largest Western investor to move into Armenia since last spring’s “velvet revolution” that replaced the country’s former government with a more reform-minded and democratically elected administration. “Clearly our decision to come here straight after the revolution tells you that we believe in the positive change that the revolution has brought to the country,” Chaarat’s chief executive, Artem Volynets, told RFE/RL’s Armenian service on Thursday. “We think it’s good to be in an open and transparent society. We believe in transparency and doing things properly in the same way that people in this country believed in transparency when they initiated the revolution,” Volynets said in an interview.

Chaarat completed the acquisition from Russia’s Polymetal group of the Kapan Mining and Processing Company on February 1. The company currently employing about 1,000 people mines gold, copper, silver and zinc near the southeastern Armenian town of Kapan. It reported more than $20 million in earnings last year.

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Posted By : Rabi Wangkhem on Mon, 11 Feb 2019
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