Kyrgyz Republic says it took control of Kumtor gold mine due to Centerra abdication thompsoncitizen.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thompsoncitizen.net Daily Mail and Mail on Sunday newspapers.
Reuters | May 17, 2021 | 8:06 pm
Asia Canada Gold
Centerra Gold’s Kumtor mine, Kyrgyzstan’s largest gold operation.
(Image courtesy of Centerra Gold).
Canada on Monday said it was “very concerned” by Kyrgyzstan’s move to impose external management on Centerra Gold’s Kumtor Gold Company and warned it could have far-reaching consequences on foreign investment in the country.
On Sunday, Centerra said it had initiated binding arbitration against the Kyrgyzstan government, after the parliament passed a law allowing the state to temporarily take over the company’s Kumtor gold mine, the country’s biggest industrial enterprise.
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Kyrgyz Republic says it took control of Kumtor gold mine due to Centerra abdication
The corporate logo for Centerra Gold is shown in this handout image. The Kyrgyz Republic says it is taking control of the Kumtor gold mine for three months effective immediately in view of the abdication of its fundamental duties of care by Canadian owner and operator Centerra Gold Inc. THE CANADIAN PRESS/HO May 18, 2021 - 3:18 PM
CALGARY - The Kyrgyz Republic says it is taking control of the Kumtor gold mine for three months effective immediately in view of the abdication of its fundamental duties of care by Canadian owner and operator Centerra Gold Inc.
Winnipeg Free Press By: The Canadian Press Save to Read Later
CALGARY - The Kyrgyz Republic says it is taking control of the Kumtor gold mine for three months effective immediately in view of the abdication of its fundamental duties of care by Canadian owner and operator Centerra Gold Inc.
The corporate logo for Centerra Gold is shown in this handout image. The Kyrgyz Republic says it is taking control of the Kumtor gold mine for three months effective immediately in view of the abdication of its fundamental duties of care by Canadian owner and operator Centerra Gold Inc. THE CANADIAN PRESS/HO
Centerra moves to protect investors after Kumtor seized
Loading a truck at Centerra Gold s Kumtor gold mine in the Kyrgyz Republic. Credit: Centerra Gold
Centerra Gold (TSX: CG) has kicked off a series of measures to protect shareholder rights after Kyrgyzstan seized control of the company’s Kumtor gold mine on May 17.
On a conference call with reporters and analysts today, CEO Scott Perry said the Toronto-based miner is already in contact with Canadian and English authorities, which have offered their support.
“As a significant investment partner of the Kyrgyz Republic, Canada is very concerned about continued developments in the mining sector,” Canadian Foreign Affairs Minister Marc Garneau and International Trade Minister Mary Ng said in a joint statement on Monday.