Sunday, July 3, 2022

Kyrgyzstan and Centerra Gold Inc. reached agreement on Kumtor gold mine

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Thursday, 7th April 2022, Bishkek, Kyrgyz Republic: In May 2021, in connection with the identification of numerous violations of environmental and mining standards that were allowed for many years at the «Kumtor» gold mine by Canadian Centerra Gold Inc., the Cabinet of Ministers of the Kyrgyz Republic decided to introduce external management at the gold mine. 

Centerra Gold Inc., being the largest foreign investor in the Kyrgyz Republic, for many years did not comply with the requirements of the environmental legislation of the Kyrgyz Republic, which led to enormous damage to the ecology of Kyrgyzstan. 

As a result of numerous negotiations, on April 4, 2022 between the Cabinet of Ministers of the Kyrgyz Republic and Centerra Gold Inc. was signed an Agreement resolving all disagreements between the parties. 

According to the terms of the Agreement, the Cabinet of Ministers of the Kyrgyz Republic received the right of full management and ownership of the Kumtor mine. The agreement also provides for the complete and final withdrawal of mutual claims by the parties, the termination of all litigation involving the parties in all jurisdictions. 

The Kyrgyz Republic has always advocated the creation of a favorable business climate for bona fide foreign investors and intends to continue to adhere to these principles. 

For further information

Kyrgyz Cabinet: https://www.gov.kg/ru

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