Executive and Board changes

RNS Number : 3232S

Chaarat Gold Holdings Ltd

25 June 2018

 

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Appointment of Artem Volynets as CEO; intention to appoint Robert Benbow to Chaarat Board; other Executive and Board changes

 (25 June 2018)

Chaarat (AIM: CGH), the AIM quoted exploration and development company with assets in the Kyrgyz Republic, is pleased to announce the appointment of Artem Volynets as Chief Executive Officer with immediate effect.   

Artem joined the Board of Chaarat in March 2018 and has more than 20 years' experience in mergers and acquisitions, capital markets, and senior corporate management roles. He led private and public transactions worth more than US$30bn and managed leading businesses in the metals and mining industry. He founded ACG Amur Capital Group Ltd in 2014, as an advisory and investment management firm with a particular focus on driving gold consolidation strategy in the CIS region.

As part of Artem's appointment, the gold mining team at ACG will also join Chaarat, and all ACG projects in the gold sector will be formally transferred to Chaarat and combined with the Company's existing M&A pipeline. This transfer brings to Chaarat an incremental and tangible set of M&A opportunities, which have been developed by ACG over the past several years, and which Chaarat is now pursuing. It also brings considerable industry expertise; senior relationships in the global mining sector and the CIS region; as well as long-established relationships with investors and finance providers, which are already assisting Chaarat.

As the Company reconfigures its strategy to focus on driving the consolidation of gold mining assets in central Asia and the broader region, Chaarat's current CEO Robert Benbow moves to the role of Chief Operating Officer. Robert, who has served as CEO since July 2017, is a mining executive with more than 40 years' experience. He will continue to build and develop Chaarat's Tulkubash Project and oversee mining operations once in production. The company also intends shortly to appoint Robert to the Board of Chaarat, reflecting the importance of delivering full value from the Company's assets in the Kyrgyz Republic, and highlighting his ability to support Chaarat's M&A activities.

Martin Andersson, Chairman of Chaarat, meanwhile becomes Executive Chairman, reflecting his heightened personal involvement as the Company moves to execute on its chosen strategy.

Martin Andersson, Chairman of Chaarat, commented: "We are delighted to appoint Artem as CEO at this exciting point in Chaarat's development. His considerable M&A, capital markets and top executive experience in the mining sector, combined with his global industry and investor connections in Russia and Asia, will be invaluable as we continue towards our goal of becoming a mid-tier gold producer. I look forward to working with Artem as we move Chaarat forward.  

"On behalf of the Board and management team, we would like to record our sincere appreciation to Robert Benbow for his excellent work as CEO over the past year.  Bob's continued input will be crucial as our assets in the Kyrgyz Republic, and beyond, hit important milestones.

"Artem and the very strong Board of experienced professionals are already working intensively to create value for our stakeholders. Over the coming months, we will look selectively to supplement their expertise with additional non-executive Directors. This gives Chaarat the world-class governance arrangements that we consider essential to our long-term success, and which our current and future investors rightly expect."  

Artem Volynets said: "After several months of productive work with the great team at Chaarat Gold, I am excited to be taking this new role at the Company. The opportunities to consolidate assets in central Asia and the CIS are significant and tangible. I and my team have been engaged for several years in evaluating these opportunities, deepening our relevant relationships and developing propositions that will create value for investors, business partners, communities and national economies across the region. Chaarat has a dynamic leadership, deep operational expertise and significant regional knowledge of its own, and is the ideal platform to realise these opportunities. Our vision is to build a leading emerging markets gold company."

Enquiries

Chaarat Gold Holdings Limited Martin Andersson (Chairman)	[phone]
Artem Volynets (CEO)	[e-mail]
Numis Securities Limited
John Prior, Paul Gillam (NOMAD)	[phone]
James Black (Corporate Broking) Blytheweigh (Financial PR) Tim Blythe Camilla Horsfall	[phone]
Powerscourt
Conal Walsh	[phone]
Matthew Attwood Isabelle Saber	[e-mail]

About Chaarat Gold

Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic with a large, high grade resource - the Chaarat Gold Project. The Company's key objective is to become a low-cost gold producer generating significant production from the development of the Chaarat Gold Project. Chaarat is engaged in an active community engagement programme to optimise the value of the Chaarat investment proposition.

Chaarat aims to create value for its shareholders, employees and communities from its high-quality gold and mineral deposits in the Kyrgyz Republic by building relationships based on trust and operating to the best environmental, social and employment standards.

Further information is available at www.chaarat.com

 

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