The acquisition was approved by Chaarat shareholders at a December 31 general meeting and Armenia's State Commission for the Protection of Economic Competition also gave its approval prior to the meeting.

 

Chaarat said it was in discussions with Polymetal and its funding banks to extend the closing date of the acqusition to January 31 from January 15 due to upcoming public holidays in Armenia and Russia.

 

"Chaarat continues to work with Polymetal on key transitional details and is making significant progress in filling senior operational roles at the Kapan mine, identifying operational improvements and developing a detailed first 100-day plan," it said.

 

The company's shares started the year at 27.04p (US34.4c) Wednesday, down  0.57% from the previous close.