Chaarat Gold Holdings completed the acquisition of Kapan Mine from Polymetal for $55m.

Chaarat Gold Holdings, a gold mining company, completed the acquisition of Kapan Mine, a zinc, copper and gold mine in Armenia, from Polymetal, a precious metals mining company, for $55m. “The sale of Kapan is a step towards shrinking Polymetal’s asset base to focus on large long-life projects. The transaction will have immediate benefits as it is expected to improve our cost position and reduce leverage. On behalf of Polymetal, I would like to thank the team at Kapan for their hard work and dedication and wish them all the best going forward,” Vitaly Nesis, Polymetal Group CEO.