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Centerra Gold to launch arbitration against Kyrgyzstan over Kumtor mine


Centerra Gold to launch arbitration against Kyrgyzstan over Kumtor mine
Kumtor mine.
Centerra Gold (TSX: CG) has initiated binding arbitration against the government of the Kyrgyz Republic in a legal skirmish over the company’s Kumtor mine.
In early May, lawmakers in Kyrgyzstan passed a bill allowing the state to seize Kumtor for up to three months. The decision was made based on the argument that the mine the largest gold operation in the Central Asian nation may pose danger to locals and the environment.
A few days later, on May 9, a district court imposed a US$3.1 billion fine on Kumtor Gold Company, Centerra’s local unit in charge of running its namesake operation, which was found to have breached environmental laws by placing waste rock on glaciers, according to private civil environmental claims. ....

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Centerra Gold Initiates Arbitration Proceeding Against the Kyrgyz Republic


Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Centerra Gold Initiates Arbitration Proceeding Against the Kyrgyz Republic
Centerra Gold Inc.May 16, 2021 GMT
TORONTO, May 16, 2021 (GLOBE NEWSWIRE) Centerra Gold Inc. (“Centerra”) (TSX: CG) (NYSE: CGAU) announced today that it has initiated binding arbitration against the Government of the Kyrgyz Republic to enforce its rights under longstanding investment agreements with the Government. Centerra seeks to enjoin the Government from taking further steps to implement recently adopted legislation or to pursue recently procured fines and tax claims against the Kumtor Gold Company (“KGC”), all of which violate the Government’s investment agreements with respect to the Kumtor Mine. Centerra also intends to hold the Government accountable in the arbitration for any and all losses and damage that result from its recent actions against KGC and the Kumtor Mine if no resolu ....

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