London-listed Chaarat has had a challenging start to ownership of the Kapan mine, which it acquired on January 30, with the asset presenting more operational challenges than what was anticipated, resulting in medium-term pressure on the Armenia mine’s performance. In a project update on Monday, Chaarat said that the profitability of the mine, which it bought from fellow London-listed Polymetal, had fallen short of its expectations, mostly owing to lower grades in the ore.
