JOHANNESBURG (miningweekly.com) – Kyrgyzstan-focused Chaarat Gold has appointed former Amara Mining FD Pete Gardner its CFO designate to lead the financing process for the construction of the Tulkubash heap leach project.
Announcing the appointment on Friday, the Aim-listed company said that the financing process was already "well advanced" and that Gardner, who is a chartered accountant, would lead the process in conjunction with chairperson Martin Andersson and Endeavour Financial.
Gardner would also be working with FD Linda Naylor to upgrade the financial reporting systems to ensure these meet all necessary requirements as Chaarat transitioned to a gold producing company. Gardner would be appointed CFO on July 1, after which Naylor would continue as company secretary.
Chaarat aims to move to the construction phase of the Tulkubash project before mid-2018. The company said in September that it aimed to start construction of the crushing facility, heap leach facility and other plant infrastructure in the second quarter of next year.
Based on its current plans to process 2.8-million tonnes of ore a year, Tulkubash will produce between 60 000 oz/y and 70 000 oz/y of gold in the five years that the mine will operate. The company is working on a bankable feasibility study, which is scheduled for completion in the first quarter of 2018.
Edited by: Creamer Media Reporter
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