Kumtor no longer bears any responsibilities related to the sale of gold to the Canadian Centerra Gold

21/03/2024

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Kyrgyzstan has approved a revised agreement for the sale of gold and silver mined at the Kumtor gold mine. The new agreement relieves ‘Kumtor Gold Company’ from its obligations to sell precious metals to Canadian Centerra Gold. On July 29, 2022, there was a document exchange procedure at the Kyrgyz embassy in Britain to confirm the transfer of ownership of the Kumtor gold deposit from Centerra Gold to Kyrgyzstan. The full package of legal documents, including necessary transfer papers, powers of attorney, and certificates for the complete transfer of property rights over 100% of the shares of companies ‘Kumtor Gold Company’ and ‘Kumtor Operating Company’ to OAO ‘Kyrgyzaltyn’, were handed over to the Kyrgyz ambassador in Britain, Ulan Juusupov. To maintain the continuous and effective operation of the Kumtor mine with Centerra Gold leaving the project, the cabinet of ministers of Kyrgyzstan decided that the old contract between the parties had become invalid, and approved the revised contract. The press service of the cabinet announced that the new agreement was made between JSC ‘Kumtor Gold Company’, OAO ‘Kyrgyzaltyn’, and the cabinet. The government also advised all companies involved, as well as the National Bank of Kyrgyzstan, to take necessary measures to comply with the new plan. Ministries and various departments of Kyrgyzstan were also instructed to organize their work by this decision.

Source and Credit: akchabar.kg

Tags: Centerra Gold, Kumtor Gold Company, Kyrgyzaltyn, National Bank of Kyrgyzstan