Mike Fraser, the Chief Executive Officer of Chaarat Gold Holdings, has stepped down from his position effective immediately. Following the announcement, the company’s shares saw an 11% uptick, trading at 4.38 pence on Monday morning.
Chaarat Gold Holdings, known for its operational mine in Armenia and additional assets in Kyrgyzstan, has decided to forgo Fraser’s six-month notice period. Fraser’s journey with Chaarat began in January 2022 as CEO, shortly after his tenure as the chief operating officer of South32 Ltd which started in April 2018.
Explaining the timing of his departure, Fraser mentioned the recent sale of Kapan and the company’s imminent focus on the Tulkubash and Kyzyltash projects in Kyrgyzstan. He believes this presents an opportune moment for Chaarat to transition towards a streamlined leadership model.
Last week, Chaarat finalized the sale of its Armenian subsidiary, Chaarat Kapan CJSC, to Gold Mining Co LLC. The sale, which had been announced in August, was pegged at USD55.4 million. The divestment was deemed essential given the significant appreciation of the Armenian dram, which was affecting the Kapan mining operation’s sustainability.
In the interim period, until a new CEO is onboarded, the reins of Chaarat will be held by Executive Chair Martin Andersson and Chief Financial Officer David Mackenzie.
