23:29
USD 84.50
EUR 102.72
RUB 1.15

Centerra announces termination of legal proceedings affecting Kumtor project

Centerra Gold Inc. announced that, the remaining Kyrgyz legal proceedings affecting Kumtor project and the international arbitration proceeding at the Permanent Court of Arbitration have been terminated, in accordance with the Strategic Agreement on Environmental Protection and Investment Promotion previously entered into with the Government of the Kyrgyz Republic. The company said in a statement.

Accordingly, the parties have achieved Second Completion under the Strategic Agreement. As a result, all obligations under the Strategic Agreement, including the settlement and releases of liability as well as the obligations of Kumtor Gold Company to make contributions to various environmental and social funds of the Kyrgyz Republic Government, have become effective.

«The completion of the Strategic Agreement solidifies our strong relationship with the Government of the Kyrgyz Republic and marks another turning point in the history of the Kumtor project. The certainty brought by the Strategic Agreement will allow us to continue working to expand the Kumtor’s project’s reserves and resources, extend the life of the mine, improve its efficiency and profitability, strengthen our commitment to social programs and to protect the environment for the mutual benefit of Centerra and the Kyrgyz Republic,» Scott Perry, Centerra Gold’s President and Chief Executive Officer stated.

Popular