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Chaarat Gold seeks talks with Kyrgyz government to protect against tax changes

Chaarat Gold seeks

Gold exploration company Chaarat Gold Holdings Ltd said it plans to enter into talks with the newly formed government in the Kyrgyz republic to seek to protect itself from what it considers to be likely changes to taxation, ownership structure and royalties.

"In order to mitigate any uncertainty concerning the possible impact on the phased development of the Chaarat Project, the company has decided to enter into direct negotiations with the government," it said.

"The aim of these is to secure long-term stability for the Chaarat Project by the development of a mutually agreed Investment Agreement, containing a "stabilisation clause", protecting the company from changes to taxation, ownership structure and royalties. "

The company, which said the government had confirmed its support of this approach, will suspend further capital investment activities pending the negotiations.

Chaarat also said the implementation of the Tulkubash Project will take place a few months later than originally planned, although gold production will still be achieved in 2013.

A 2011 prefeasibility study for Chaarat estimated that the project could support production of more than 200,000oz/y.

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