Kumtour Gold mine woes may end soon
Reports now said Kyrgyzstan will renegotiate its 2009 project agreement with the Canadian gold miner in an open and transparent manner.
Former Soviet state Kyrgyzstan is considering to renegotiate a project agreement with Canada's Centerra over it’s flagship Kumtor gold project.
Analysts said the present situation is hurting both parties after the Toronto-listed company was given a deadline by the government to redraw the agreement related to Kumtor project.
Kyrgyzstan had given Centerra Gold three months to redraw the terms of its Kumtor gold mine deal before ripping up the agreement, accusing the Canadian miner of environmental damage and underpaying the state.
Reports now said Kyrgyzstan will renegotiate its 2009 project agreement with the Canadian gold miner in an open and transparent manner.
The Kumtor mine woes have adversely impacted Centerra’s share price which has shed 33 percent this year.
The Kumtor project, bisected by a glacier 4,000 metres above the sea level and located about 60 kilometres north of the border with China, is the largest gold mine in Central Asia operated by a Western company.
The Kumtour mine is essential to Kyrgyzstan’s fragile economy and in 2011 it contributed 12 percent of the nation’s gross domestic product.
Kumtor produced more than 8.6 million ounces of gold between 1997 and the end of 2012. In 2012, Kumtor’s gold output dropped 46 percent to 315,238 ounces as a result of accelerated ice movement.
The company expects Kumtor to produce between 550,000 and 600,000 ounces of gold in 2013, Centerra said its quarterly financial statement.
Sumber : Google
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