Centerra Gold, Kyrgyz government near settlement in Kumtor dispute (NYSE:CGAU)

Centerra Gold, Kyrgyz government near settlement in Kumtor dispute (NYSE:CGAU)

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Centerra Gold (CGAU -1.4%) nears a settlement of a dispute prompted by Kyrgyz Republic’s expropriation of the company’s giant Kumtor gold mine last year, saying the cabinet of ministers approved the government’s decision to conclude an agreement with the company on its Kumtor Mine.

Centerra anticipates the framework for any deal will include exchanging its interest in Kumtor for Kyrgyzaltyn JSC’s Centerra common shares, although the exact terms of the new agreement are still ongoing.

Kumtor, which accounts ~20% of Kyrgyz total industrial production, was the largest of Centerra’s gold mines, contributing more than half of the company’s total output.

Centerra recently suspended gold doré bar production at its Öksüt mine in Turkey after detecting mercury in part of its plant.

Originally Posted on: https://seekingalpha.com/news/3818095-centerra-gold-kyrgyz-government-near-settlement-in-kumtor-dispute?source=feed_tag_commodities
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