The total amount of the deal will be $162 million.
A joint venture with "Kyrgyzaltyn" is planned after the completion of the deal: Silvercorp will take a 70% stake and assume operational functions, while "Kyrgyzaltyn" will own the remaining 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: the first tranche of $60 million will be paid after the extension of the subsoil use license until 2062, and the second tranche of $10 million will be paid after certain requirements are met. Chaarat, in turn, will receive $92 million on the condition that the government waives its preemptive rights to the projects.
The implementation of the projects will be divided into two phases:
- Phase one (2026–2028) — open-pit mining at the "Tulkubash" deposit using heap leaching technology, expected to process 4 million tons of ore per year. The expected output is up to 110,000 ounces of gold per year. Investments at this stage will amount to $150 million.
- Phase two (2028–2031) — development of the "Kyzylbash" sulfide deposit with open-pit and underground mining, using flotation, bacterial oxidation, and carbon-in-leach (CIL) methods. The planned output is from 190,000 to 230,000 ounces of gold per year, with investments of about $400 million.
The CEO and Chairman of the Board of Silvercorp, Dr. Rui Feng, stated the company's intention to implement the projects in collaboration with local partners and bring them to industrial operation.
The "Tulkubash" and "Kyzylbash" projects are located approximately 490 km southwest of Bishkek. Initial geological studies in these areas were conducted since the 1970s. Since 2002, Chaarat has invested $174 million in these projects, covering drilling, infrastructure construction, and research activities. A total of 188,000 meters of drilling has been completed.
Note
At a briefing held in Bishkek on March 26, 2025, Minister of Natural Resources Meder Mashiyev reported that the Chaarat deposit, with reserves of over 100 tons of gold, will begin development within 2-3 years.
According to Mashiyev, geological exploration at the Chaarat deposit has been completed, and confirmed reserves amount to over 100 tons of gold.
"The licensee is a British company (CJSC 'Chaarat Zaav'). At the end of the year, we held meetings with them where we outlined our requirements. The company plans to start mining operations within the next 2-3 years," the minister explained.
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" has foreign participation, was registered on November 10, 2002, and underwent re-registration on January 18, 2022. The head of the company is Imanova Saltanat Sultanovna, and the sole founder is not specified. However, the company's official social media page states that it 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.
