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Prime Minister of Kyrgyzstan intends to get dividends from Centerra Gold

Prime Minister of Kyrgyzstan Mukhammedkaly Abylgaziev met with Centerra Gold Inc. President Scott Perry. The Information Support Department of the Government’s Office of the Kyrgyz Republic reported.

During the meeting, the parties discussed issues of the work of Centerra Gold Inc. and Kumtor, taking into account the entry into force of a strategic agreement and an increase in production at the mine.

For nine months of 2018, the company produced 9.5 tons of gold, and for the same period of 2019 — 14.04 tons.

By the end of the year, gold production is expected to increase to 18.2 tons.

Mukhammedkaliy Abylgaziev and Scott Perry exchanged views on the issue of further payments under the strategic agreement. They noted that regular contacts between the parties increase effectiveness of cooperation in the framework of Kumtor project and favorably influence both the cost of stock of shares of Kyrgyzstan in Centerra Gold Inc. and the cost of the company as a whole.

The Prime Minister designated to the President of Centerra Gold Inc. a number of issues, which, in his opinion, would serve as an additional confirmation of the mutual commitment to the further development of the partnership.

Mukhammedkaly Abylgaziev repeatedly raised the issue of payment of dividends of Kyrgyzaltyn OJSC by Centerra Gold Inc.

The Prime Minister also stressed the need to consider the issue of moving the Reclamation Trust Fund to Kyrgyzstan. The Government is ready to provide the necessary guarantees and promptly agree on all conditions for placing the funds in the country’s banks.

According to Mukhammedkaly Abylgaziev, until closure of the mine, it is advisable to place these funds in Kyrgyzstan and use them effectively to support domestic small and medium-sized businesses.

The Government intends to apply this unified approach to all mining companies operating in Kyrgyzstan.

Mukhammedkaly Abylgaziev

Scott Perry stressed importance of Kumtor mine in Centerra Gold Inc. and noted that the issues raised by the Prime Minister would be submitted to the Board of Directors of the company in the near future.