Centerra gold

Centerra rejects the Karasai area in Kyrgyzstan.

CJSC "Kumtor Gold Company" (part of Centerra Gold) did not renew the license to search for gold in the Karasai area, located near the Kumtor deposit, the message of the State Agency on Geology and Mineral Resources of Kyrgyzstan informs.
On May 22 the Commission of the State Agency on subsoil use licensing revoked the license of "Kumtor Gold Company" for the Karasai area.

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President of Kirghizia stands for Kumtor’s nationalization

The President of Kyrgyzstan, A. Atambaev, thinks that the Government of the Republic has lost its chance to found a JV with the Canadian company Centerra Gold Inc to develop the gold ore deposit Kumtor and considers the nationalization to be the only way out of this situation.
“I think we have lost a chance to found a JV, lost a chance to settle the issue without any problems, there is only one way out left – this is nationalization”, Mr. Atambaev said.
According to him, the Parliament didn’t need to force up the ideas that can’t be settled, they had to support the Government and found a JV on the development of Kumtor.

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Kyrgyzstan can lose $4 billion at Kumtor

Kyrgyzstan will lose $3.678 when transition from open-pit to underground gold mining at the Kumtor deposit takes place.
Strict adherence to the Law ‘About glaciers’ agreed by the Parliament of Kyrgyzstan will lead to the loss of $3.678 because of the transition from open-pit to underground gold mining at the Kumtor deposit. The experts think that further open-pit gold mining will gain $5 billion to Kyrgyzstan, and, with transition to underground mining, profit will not exceed $1.3 billion.
It’s necessary to invest $240 million into the transition to underground gold mining at Kumtor for closure of the carrier and construction of the new galleries. Kyrgyzstan will have to allocated $120 million from own reserves. Moreover, neither the mining tax will be charged nor the budget will get them in 2014-2017.

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In H1 of 2014, Kumtor produced 5.6 tons of gold

Centerra Gold Inc. (Centerra) and Kumtor Gold Company have summed up results of their activity in the second quarter of 2014. In the first six months of 2014, 180 793 thousand ounces or 5 623 kg of gold were produced at the mine Kumtor. The company paid taxes and mandatory payments in the amount of over $3 billion soms.
Production and sale of products
In second quarter of 2014, Kumtor produced 2 422 kg of gold (77 860 ounces), whereas in the same period of 2013 - 2 251 kg (72 365 ounces). The increase in volumes was due to the delivery of stockpiled ore, mined in the fourth quarter of the previous year, to the plant. Among other factors, contributed to the increase in the volume of smelting was the mining of a larger volume of ore with high gold content. Thus, in the second quarter of 2014, ore with an average gold content of 2.35 g / t was supplied to the plant, and the recovery percentage was 73.2%. In the reporting period, the volume of processed ore was about 1.4 million tons that is by 6% more than in the same quarter of 2013.
In the second quarter of 2014, the volume of sales amounted to 77 743 ounces (about 2.4 tons of gold). The total revenue from sales made up $ 99.8 million.

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Deputy accuses Centerra of non-fulfillment of Parliament’s decree

Deputy Esengul Isakov has accused the company Centerra of default of Parliament’s decree.
"Gold mining in Kyrgyzstan shouldn’t be mixed with politics," - he said at the meeting of the Committee on Agrarian Policy, Water Resources, Environment and Regional Development.

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New Enhancements to Rusmininfo,full story selector available in Russian

Rusmininfo is pleased to announce some further enhancements to the news service.This week we have launched a full story selection system in Russian so now every user can select the news they want to receive according to their exact parameters in both Russian and English for full e-mail alerts.
To set up your new selections please log in and click on 'My News Alerts' then use the drop down menu and click on the companies,countries and sectors you want to receive news on.
If you have mislaid your log in details please e-mail [email protected]
Best Regards
Rhod Mackenzie
Managing Director

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Centerra to obtain $100 million from Kyrgyzstan for 50% of Kumtor

Kyrgyzstan will pay $100 million to the Canadian Centerra Gold to obtain 50% in the new JV for the development of the Kumtor deposit, the company reports.
Kyrgyz government and Centerra signed a memorandum of restructuring the agreement presupposing that the republic holds 32.7% of Canadian company. Kyrgyzstan will obtain 50% in the new JV in exchange. The memorandum will be approved by the Board of Directors of Centerra.

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The determining round of the Kumtor negotiations started in Kirgizia

The management of the international gold producing company Centerra Gold Inc and the government of Kirgizia started working consultations on thea restructuring of the project on the development of the country's largest gold deposit Kumtor on Monday, a representative of the press-service of the Government of the country stated to RIA Novosti.
The current agreement was signed with then international Centerra Gold, based in Toronto, with the management of the ousted president K.Bakiev in 2009. Last year the state committee detected some violations in the conclusion of international agreements with Centerra Gold, committed by the former authority of the republic and environmental and technical infringements in the gold production.
 

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Centerra Gold trying to settle down the situation around gold mining at Kumtor

Canadian Centerra Gold has recently resumed gold mining at Kumtor pit in Kyrgyzstan stopped last week due to disturbances there. On Tuesday the company’s vice-President John Pierson claimed, “Kumtor will reach its full capacity again today or tomorrow”.
He said, “The company believes, stopping of the production will not significantly affect the planned mining at Kumtor in 2013”.

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Ian Atkinson: Centerra Gold won’t reconsider the Kyrgyz gold mining agreement

Canadian Centerra Gold won’t reconsider the agreement of 2009 about development of Kumtor gold deposit in Kyrgyzstan, President of the company Ian Atkinson said.

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