The total amount of the deal is $162 million.
After the agreement is finalized, the companies plan to create a joint venture with "Kyrgyzaltyn," where Silvercorp will become the operator with a 70% stake, while "Kyrgyzaltyn" will receive 30% without financing obligations.
According to the terms of the agreement, the National Investment Agency under the President of Kyrgyzstan will receive $70 million in cash, divided into two tranches: $60 million after the extension of the mining license until 2062 and $10 million upon meeting other conditions. In turn, Chaarat will receive $92 million on the condition that the government waives its preemptive rights to the projects.
The development of the projects will occur in two phases:
- Phase 1 (2026–2028) — open-pit mining at the "Tulkubash" deposit using heap leaching technology, with a planned capacity of 4 million tons of ore per year, and expected production of up to 110,000 ounces of gold per year. Investments will amount to $150 million.
- Phase 2 (2028–2031) — development of the Kyzylbash sulfide mine with both open-pit and underground mining, utilizing flotation, bacterial oxidation, and carbon-in-leach (CIL) methods. Expected production will range from 190,000 to 230,000 ounces of gold per year, with investments of around $400 million.
The CEO and Chairman of the Board of Silvercorp, Dr. Rui Feng, emphasized that the company plans to work closely with local partners for the successful launch and further operation of the projects.
The "Tulkubash" and "Kyzylbash" deposits are located approximately 490 km southwest of Bishkek. Initial geological surveys in these areas were conducted back in the 1970s. Since the start of investment in 2002, Chaarat has invested $174 million in drilling, building necessary infrastructure, and research work. A total of 188,000 meters of drilling has been completed.
Note
At a press conference held in Bishkek on March 26, 2025, the Minister of Natural Resources, Meder Mashiyev, noted that the development of the Chaarat deposit, which has reserves of over 100 tons of gold, will begin within 2-3 years.
According to Mashiyev, geological exploration of the Chaarat deposit has been completed, and confirmed reserves have exceeded 100 tons of gold.
“The license for development is held by a British company (JSC "Chaarat Zava"). At the end of the year, we held meetings with them to discuss our requirements. The company plans to start mining operations within the next 2-3 years,” the minister clarified.
The Chaarat deposit is located in the Chatkal district of the Jalal-Abad region, and the license for its development belongs to JSC "Chaarat Zava."
According to the Ministry of Justice, JSC "Chaarat Zava" was registered on November 10, 2002, and underwent re-registration on January 18, 2022. Currently, the head of the company is Imanova Saltanat Sultanovna, and the sole founder is not specified. At the same time, the company's official social media page states that JSC "Chaarat Zava" is a subsidiary of the British company "Chaarat Gold Holdings Limited."
Silvercorp is a Canadian mining company engaged in the extraction of gold and silver, with projects both in China and abroad.
