Aim-listed Chaarat Gold has discontinued discussions to buy Lydian Armenia, stating that it could not agree an acquisition structure within the required time.

The proposed acquisition would have constituted a reverse takeover, owing to the size of the transaction. Accordingly, trading in Chaarat's shares were suspended in October last year and was reinstated on Monday.

Lydian Armenia, the owner of the controversial Amulsar gold mine, is a subsidiary of Lydian Canada Ventures, owned by US firm Orion Mine Finance and Canadian firm Osisko Gold Royalties.

Development of the Amulsar mine was suspended in 2018, following protests against the project’s potential environmental damage.