AIM-listed exploration and development company Chaarat Gold has moved a step closer to continuing its discussions with Shandong Gold Mineral Resource Group (SGMR) after receiving approval to pick up negotiations with the Chinese gold producer's new management team.
In November, Chaarat Gold reported that SGMR had secured regulatory approval to negotiate an investment into Chaarat Gold.
In Chaarat's most recent update the company reported that "significant progress" had taken place in negotiations with SGMR but highlighted delays due to a change in senior personnel in the SGMR group. It said that negotiations were now "due to recommence in the near future".
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Dekel Golan, Chief Executive Officer of Chaarat Gold, commented: "We announced last November that the company was in discussions with Shandong Gold. Since that time significant progress has been made towards an agreement, which the directors believe should be beneficial to our shareholders.
"Discussions had to be postponed before the Chinese New Year due to a change in the senior management. Now that the new members of SGMR's management are in place, recommencement of discussions has been approved and, although we cannot be certain, we hope that renewed negotiations will lead to a satisfactory outcome before too long.
Chaarat Gold operates in the Kyrgyz Republic and has assets in the highly prospective Tien Shan Gold Belt.
Chaarat Gold's share price was up 0.51% to 24.75p at 12:41 on Tuesday.
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