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Alliance Altyn fails to pledge license for Jerooy development

The Subsoil Use Licensing Commission denied Alliance Altyn’s application for obtaining permission to pledge a license for development of Jerooy gold deposit in a bank for taking a loan. The State Committee for Industry, Energy and Subsoil Use of Kyrgyzstan informed 24.kg news agency.

The commission denied the application due to litigation over the accrued fines under the license agreement. The company disputes the amount of $ 600,000, which was paid in the form of a fine for non-fulfillment of obligations under a contract.

Alliance Altyn was going to pledge the license for development of Jerooy gold deposit in the bank to take a loan of $ 180 million.

Previously, Alliance Altyn company paid a$ 600,000 fine due to violation of set deadlines for construction of a gold extraction plant and a tailing dump.

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