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Centerra Gold may stop development of Kumtor gold mine in Kyrgyzstan

Centerra owns 100 percent of the Kumtor gold mine

Share on Facebook May 19, 2014, Reporter : Trend, Reader : 626

Kumtor gold mine news

Baku, Azerbaijan, May 19 By Aygun Badalova -Trend: Centerra Gold International is continuing to develop the Kumtor gold mine in Kyrgyzstan, despite difficulties in obtaining permits from Kyrgyz state bodies, RIA Novosti reported referring to the company.

Centerra owns 100 percent of the Kumtor gold mine through its wholly owned subsidiary Kumtor Gold Company. Kumtor is located in the Kyrgyz Republic, about 350 kilometers southeast of the capital Bishkek and about 60 kilometers north of the border with the Peoples Republic of China. It is the largest gold mine operated in Central Asia by a Western-based company, having produced more than 9.2 million ounces of gold between 1997 and the end of 2013.

In 2013 Kumtor's gold production was 600,402 ounces.

Earlier the chairman of Trade Unions for Kumtor Gold Company CJSC (subsidiary of Centerra Gold) Almazbek Jakypov said that the company is going to stop gold mining operations on Monday. This action would have caused more than three thousand employees to be without jobs due to lack of development plans approved by the government bodies, for 2014.

In this regard, the company said that Centerra Gold indeed has not yet received approval for a special technical project for 2014 under the "Kumtor" project.

In accordance with Kyrgyz as well as international standards, special permits and approvals by relevant state bodies are essential for the company to continue its mining operations.

"The management of "Kumtor Gold Company" will continue to work with relevant government bodies to obtain the necessary permits," the company said.

Today, Monday, May 19 the company is operating in normal mode, according to the statement.

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