USD 73.49
EUR 81.86
RUB 1.05

Agreements on Kumtor to positively influence mining industry situation

«Entry into force of a new strategic agreement between Centerra Gold and the Government of Kyrgyzstan will have a positive effect on both operation of the mine and the mining industry,» Eldar Tadzhibaev, Chairman of the Central Committee of the Mining and Metallurgical Union, stated to 24.kg news agency.

According to him, it is good that the Government and Centerra Gold have managed to agree. Indeed, new agreements improve the position of Kyrgyzstan in Kumtor project, providing for an increase in receipts from the mine. Most importantly, stability around the mine is ensured.

«We have a number of fields where investors have received a license, but took a wait-and-see approach regarding the allocation of funds. Naturally, the news of the agreements reached on Kumtor inspires confidence, it is a model for the rest. But I note that all these conditions should be considered at the start. The history of this mine should become an example, it is necessary to draw conclusions, correct mistakes and not allow similar in the future,» said Eldar Tadzhibaev.

However, there are shortcomings in the history of the negotiations. The expert is confident that the negotiations should have been open and transparent. This would allow to avoid questions and suspicions.

«We need to tell the public about terms of the agreement that was concluded in September 2017, and what improvements the government achieved as a result of additional negotiations. This is necessary because the main part of the people do not know what the improvement is. In general, it is said about an increase in the amount of revenue. But the information presented in detail would be more interesting to the people. There would be more confidence in the negotiations, the Government and the Prime Minister,» Eldar Tadzhibaev believes.