Chaarat Gold Holdings Ltd, the gold mining company, has announced that its Chief Executive Officer, Mike Fraser, has resigned with immediate effect. On Monday morning, Chaarat’s shares rose by 11%. The company, which operates a mine in Armenia and holds assets in Kyrgyzstan, stated that the board has agreed to waive Fraser’s six-month notice period.
Fraser took on the role of CEO in January 2022, having previously served as the Chief Operating Officer of South32 Ltd from April 2018. Fraser commented, “Following the disposal of Kapan and the near-term focus on the development of the Tulkubash and Kyzyltash, it is an appropriate time to move forward with a simplified leadership structure for the company.”
Chaarat recently completed the sale of Chaarat Kapan CJSC, its Armenian subsidiary, to Gold Mining Co LLC, following the announcement of the sale for USD 55.4 million in August. The company noted that this disposal was necessary to ensure the sustainability of the Kapan mining operation due to the significant appreciation of the Armenian dram.
Executive Chair Martin Andersson and Chief Financial Officer David Mackenzie will lead Chaarat during this transition until a new CEO is appointed.
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