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Chaarat to buy Polymetal's Kapan operation

Kyrgyz Republic-focused miner Chaarat Gold Holdings will expand to Armenia after agreeing to buy Polymetal’s (LSE:POLY) Kapan project for US$55 million.

Chaarat to buy Polymetal's Kapan operation Chaarat to buy Polymetal's Kapan operation Chaarat to buy Polymetal's Kapan operation Chaarat to buy Polymetal's Kapan operation Chaarat to buy Polymetal's Kapan operation

Polymetal held onto Kapan for only two years, spending US$35 million in the process

Chaarat still has to come up with at least $50 million in cash to complete the deal before February 15, 2019, and will pay a $10 million penalty if it cannot.