LONDON (ShareCast) - (Sharecast News) - Central Asia-focused mining outfit Chaarat Gold recorded maiden interim revenues, but also saw operating losses widen on higher corporate and development activity.
Chaarat saw reported revenues of $31m during the half thanks to sales of copper and zinc concentrate at its recently acquired Kapan project.

However, operating losses more than doubled to $7.5m despite the $3.2m earnings contribution from Kapan as $6.5m worth of corporate and overhead costs and $4.9m of finance costs hit the group hard. Total losses for the half amounted to $12.3m - a 141.1% widening year-on-year.

Despite the discouraging figures, chairman Martin Andersson said: "We continue to make rapid progress towards achieving our goal to become a leading gold producer.

"This strategy is now broader, as we look to grow our production organically, but also through a disciplined M&A strategy in a region with significant potential. Creating shareholder value remains at the core of this strategy."

Elsewhere, Chaarat revealed it had completed a joint-venture agreement with Turkish mining and construction contractor Çiftay İnsaat Tahhüt ve Ticaret that will see the pair collaborate on the Tulkubash and Kyzyltash projects in the Kyrgyz Republic.

Çiftay will invest up to $31.5m for a 12.5% stake in the two assets, providing Chaarat with the remaining funds required to bring the Tulkubash project to life.

As of 0905 BST, Chaarat shares had ticked up just 0.072% to 27.72p.

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