[6] It was founded in connection to the construction of the Baikal-Amur Mainline in the 1980s, near the older village of Chara, named for the river on which it stood.

Novaya Chara's only real economic activity centers on its situation as an important station on the BAM.

Due to financing problems with the mines, located at an altitude of over 2,000 meters (6,600 ft), the branch line has been poorly maintained and damaged by landslides, meaning that in 2008 only 26 kilometers (16 mi) were in use; with trucks being used to transport ore to the railhead.

[8] Around 30 km (19 mi) south of Novaya Chara is the Udokan copper deposit, which is planned to be mined in future.

Around 15 km (9.3 mi) to the south west of Novaya Chara is the Unkur silver and copper deposit, which is currently under exploration.