The total amount of the deal is $162 million.
According to the terms of the agreement, a joint venture will be established with "Kyrgyzaltyn" after the deal is completed, where Silvercorp will receive a 70% stake and become the operator, while "Kyrgyzaltyn" will hold a 30% stake without funding obligations.
As part of the agreement, the National Investment Agency under the President of Kyrgyzstan will receive $70 million, paid in two tranches: $60 million will be available after the extension of the mining license until 2062, and $10 million will be paid upon the fulfillment of certain conditions. Chaarat, in turn, will receive $92 million on the condition that the government waives its preemptive rights to the projects.
The project development process will be carried out in two stages:
- In the first stage (2026–2028), an open-pit mine will be developed at the "Tulkubash" deposit using heap leaching technology, with a planned processing capacity of 4 million tons of ore per year. The expected annual production will be up to 110,000 ounces of gold. Investments at this stage will amount to $150 million.
- The second stage (2028–2031) will involve the development of the Kyzylbash sulfide deposit using open-pit and underground mining, as well as flotation, bacterial oxidation, and carbon-in-leach (CIL) technologies. The planned annual production is 190,000–230,000 ounces of gold with investments of about $400 million.
Dr. Zhui Feng, Chairman and CEO of Silvercorp, emphasized that the company aims to collaborate with local partners for the successful implementation of the projects and their subsequent commissioning.
The "Tulkubash" and "Kyzylbash" projects are located approximately 490 km southwest of Bishkek. The first geological surveys in these areas were conducted back in the 1970s. Since 2002, Chaarat has invested $174 million in its projects, including drilling and the construction of necessary infrastructure. A total of 188,000 meters of drilling has been completed.
Reference
At a press conference in Bishkek on March 26, 2025, Minister of Natural Resources Meder Mashiev announced that the Chaarat deposit, with reserves of over 100 tons of gold, will begin development within 2–3 years.
According to Mashiev, geological exploration of the Chaarat deposit has been completed, and confirmed reserves exceed 100 tons of gold.
"The licensee is a British company (CJSC 'Chaarat Zaav'). At the end of last year, we held meetings with them where we discussed our requirements. The company plans to start production in the next 2–3 years," the minister added.
The Chaarat deposit is located in the Chatkal district of the Jalal-Abad region, and the license for its development belongs to CJSC "Chaarat Zaav." According to the Ministry of Justice, CJSC "Chaarat Zaav" was registered on November 10, 2002, and underwent re-registration on January 18, 2022. The head of the company is Imanova Saltanat Sultanovna, and its sole founder is not specified. However, the company's official social media page states that CJSC "Chaarat Zaav" is a subsidiary of the British company "Chaarat Gold Holdings Limited."
Silvercorp is a Canadian company engaged in gold and silver mining, with projects both in China and abroad.
