Economy of Kyrgyzstan

Centerra Gold Announces Completion of Global Arrangement Agreement with Kyrgyzaltyn and the Government of the Kyrgyz Republic

Retrieved on: 
Friday, July 29, 2022

TORONTO, July 29, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (Centerra or the Company) (TSX: CG) (NYSE: CGAU) today announced the closing of the previously announced global arrangement agreement (the Arrangement Agreement) with Kyrgyzaltyn JSC (Kyrgyzaltyn) and the Government of the Kyrgyz Republic relating to the disposition of Centerras ownership of the Kumtor mine and investment in the Kyrgyz Republic and the termination of Kyrgyzaltyns involvement with the Company (the Transaction).

Key Points: 
  • TORONTO, July 29, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (Centerra or the Company) (TSX: CG) (NYSE: CGAU) today announced the closing of the previously announced global arrangement agreement (the Arrangement Agreement) with Kyrgyzaltyn JSC (Kyrgyzaltyn) and the Government of the Kyrgyz Republic relating to the disposition of Centerras ownership of the Kumtor mine and investment in the Kyrgyz Republic and the termination of Kyrgyzaltyns involvement with the Company (the Transaction).
  • As contemplated by the Arrangement Agreement, the parties have, among other things, provided full and final releases of all claims related to the Kumtor mine.
  • In addition, Kyrgyzaltyns two director nominees, Dushen Kasenov and Nurlan Kyshtobaev, have resigned from Centerras Board of Directors, and the Restated Shareholders Agreement between, among others, Centerra and Kyrgyzaltyn has terminated.
  • Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Turkey, and other markets worldwide.

Centerra Gold Announces Agreement With Kyrgyzaltyn and the Government of the Kyrgyz Republic

Retrieved on: 
Monday, April 4, 2022

TORONTO, April 04, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) announced today that it has entered into a global arrangement agreement (the “Agreement”) with Kyrgyzaltyn JSC (“Kyrgyzaltyn”) and the Government of the Kyrgyz Republic (the “Government”) to effect a clean separation of the parties, including through the disposition of Centerra’s ownership of the Kumtor Mine and investment in the Kyrgyz Republic, the elimination of Kyrgyzaltyn’s involvement and interest in the Company, and the resolution of their disputes. Centerra understands that the Agreement has been approved by the Government of the Kyrgyz Republic, including both the Kyrgyz Parliament and the Cabinet of Ministers.

Key Points: 
  • Centerra understands that the Agreement has been approved by the Government of the Kyrgyz Republic, including both the Kyrgyz Parliament and the Cabinet of Ministers.
  • The Kyrgyz Republic and Kyrgyzaltyn assuming all responsibility for the Kumtor Mine, including all reclamation obligations.
  • The resignation from Centerras Board of Directors of Kyrgyzaltyns two nominees and the termination of the shareholders agreement between, among others, Centerra and Kyrgyzaltyn.
  • While the Company still owns the Kumtor Mine in the Kyrgyz Republic, it is currently no longer under the Companys control.

Centerra Gold Provides Update on Negotiations with the Kyrgyz Government

Retrieved on: 
Monday, March 28, 2022

TORONTO, March 28, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (Centerra or the Company) (TSX: CG) (NYSE: CGAU) issued the following statement today:

Key Points: 
  • TORONTO, March 28, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (Centerra or the Company) (TSX: CG) (NYSE: CGAU) issued the following statement today:
    Centerra Gold Inc. notes that the Cabinet of Ministers of the Kyrgyz Republic has approved a decision by the Kyrgyz Government to conclude an agreement with Centerra related to Centerras Kumtor Mine, as reported by Kyrgyz news media.
  • Negotiations with representatives of the Kyrgyz Government and Kyrgyzaltyn JSC continue with a view to finalizing a transaction that Centerra expects will include the principal terms outlined in the Companys press release dated January 3, 2022.
  • These forward-looking statements relate to, among other things: any negotiations or transaction between Centerra, Kyrgyzaltyn JSC and the Kyrgyz Republic, authorizations of the Kyrgyz Republic related to any such transaction, and the potential terms and conditions of any such transaction.
  • Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Turkey, and other markets worldwide.

Centerra Gold Confirms Negotiations with the Kyrgyz Government

Retrieved on: 
Monday, January 3, 2022

TORONTO, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (Centerra or the Company) (TSX: CG) (NYSE: CGAU) today confirmed that it is engaged in negotiations with representatives of the Kyrgyz Republic to resolve their disputes related to Centerras Kumtor Mine and the seizure of control of the mine by the Kyrgyz government in May 2021.

Key Points: 
  • TORONTO, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (Centerra or the Company) (TSX: CG) (NYSE: CGAU) today confirmed that it is engaged in negotiations with representatives of the Kyrgyz Republic to resolve their disputes related to Centerras Kumtor Mine and the seizure of control of the mine by the Kyrgyz government in May 2021.
  • Further to statements in the Kyrgyz media regarding the potential negotiated transfer of the Kumtor Mine to the Kyrgyz Republic, Centerra expects that the framework for any resolution would involve the following principal terms:
    Centerra receiving the approximately 26.1% in Centerra common shares held by Kyrgyzaltyn JSC (an instrumentality of the Kyrgyz Republic).
  • The Kyrgyz Republic receiving, and assuming all responsibility for, the Companys two Kyrgyz subsidiaries and the Kumtor Mine.
  • Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Turkey and other markets worldwide.

Centerra Gold Seeks Urgent Relief in International Arbitration to Prevent the Kyrgyz Republic from Destroying the Integrity, Value and Long-Term Viability of the Kumtor Mine

Retrieved on: 
Monday, September 27, 2021

Through this application, Centerra seeks to prevent the Kyrgyz Republic and Kyrgyzaltyn JSC from causing irreparable damage to the mine, destroying its integrity, value and long-term viability.

Key Points: 
  • Through this application, Centerra seeks to prevent the Kyrgyz Republic and Kyrgyzaltyn JSC from causing irreparable damage to the mine, destroying its integrity, value and long-term viability.
  • The Kyrgyz government-appointed external management has publicly stated that it plans to reconfigure the Kumtor Mine from an open pit to an underground mine.
  • Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide.
  • The Company owns the Kumtor Mine in the Kyrgyz Republic, which is currently not under the Companys control.

Centerra Gold Announces Proceedings Against Former Board Director Tengiz Bolturuk

Retrieved on: 
Thursday, May 20, 2021

Mr. Bolturuk, a dual Canadian and Kyrgyz citizen, joined the Centerra Board in December 2020 and resigned on May 17, 2021.

Key Points: 
  • Mr. Bolturuk, a dual Canadian and Kyrgyz citizen, joined the Centerra Board in December 2020 and resigned on May 17, 2021.
  • Shortly before the Kyrgyz Government took control of the mine, all key safety, monitoring and operational systems were functioning properly.
  • Centerra did not disable any such systems, and the mine was operating without incident.\nMr.
  • Centerra owns three mines, the Kumtor Mine in the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and the \xc3\x96ks\xc3\xbct Mine in Turkey.

Centerra Gold Announces Restrictions on Shares Held by Kyrgyzaltyn JSC

Retrieved on: 
Tuesday, May 18, 2021

Kyrgyzaltyn JSC and its affiliates are also not entitled to any dissent rights in respect of their Centerra shares should such rights arise.\nThese prohibitions and restrictions are provided for under the 2009 Shareholders Agreement between Centerra and Kyrgyzaltyn JSC, the state-owned entity through which the Kyrgyz Republic owns approximately 26% of the Centerra shares, and their duration cannot currently be determined.

Key Points: 
  • Kyrgyzaltyn JSC and its affiliates are also not entitled to any dissent rights in respect of their Centerra shares should such rights arise.\nThese prohibitions and restrictions are provided for under the 2009 Shareholders Agreement between Centerra and Kyrgyzaltyn JSC, the state-owned entity through which the Kyrgyz Republic owns approximately 26% of the Centerra shares, and their duration cannot currently be determined.
  • Mr. Bolturuk joined the Centerra Board of Directors in December 2020 as a nominee of Kyrgyzaltyn JSC.
  • Centerra operates three mines, the Kumtor Mine in the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and the \xc3\x96ks\xc3\xbct Mine in Turkey.
  • Centerra's shares trade on the Toronto Stock Exchange (TSX) under the symbol CG and on the New York Stock Exchange (NYSE) under the symbol CGAU.

Centerra Gold Responds to Latest Developments in the Kyrgyz Republic

Retrieved on: 
Monday, May 17, 2021

Consequently, Centerra is no longer in control of the Kumtor Mine and can no longer ensure the safety of the mine\xe2\x80\x99s employees or operations.

Key Points: 
  • Consequently, Centerra is no longer in control of the Kumtor Mine and can no longer ensure the safety of the mine\xe2\x80\x99s employees or operations.
  • Centerra did not disable any such systems, and the mine was operating without incident.
  • Due to the Government\xe2\x80\x99s unprecedented actions, Centerra has suspended access of all local KGC employees in the Kyrgyz Republic to Centerra\xe2\x80\x99s global IT systems to prevent any unauthorized intrusions into those systems.
  • Centerra operates three mines, the Kumtor Mine in the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and the \xc3\x96ks\xc3\xbct Mine in Turkey.

Centerra Gold Comments on Kyrgyz Republic Developments

Retrieved on: 
Friday, May 7, 2021

b"TORONTO, May 07, 2021 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (\xe2\x80\x9cCenterra\xe2\x80\x9d) (TSX: CG) (NYSE: CGAU) announced today that it has become aware of a number of legal and political developments in the Kyrgyz Republic which may affect Centerra\xe2\x80\x99s ownership of the Kumtor Mine and its rights under the 2009 restated project agreements which govern the Kumtor Mine.\nFirst, the Company understands that a law has been passed by the Kyrgyz Republic Parliament which would enable the Kyrgyz Republic Government to impose \xe2\x80\x9cexternal management\xe2\x80\x9d on companies in the Kyrgyz Republic operating under concession agreements.

Key Points: 
  • b"TORONTO, May 07, 2021 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (\xe2\x80\x9cCenterra\xe2\x80\x9d) (TSX: CG) (NYSE: CGAU) announced today that it has become aware of a number of legal and political developments in the Kyrgyz Republic which may affect Centerra\xe2\x80\x99s ownership of the Kumtor Mine and its rights under the 2009 restated project agreements which govern the Kumtor Mine.\nFirst, the Company understands that a law has been passed by the Kyrgyz Republic Parliament which would enable the Kyrgyz Republic Government to impose \xe2\x80\x9cexternal management\xe2\x80\x9d on companies in the Kyrgyz Republic operating under concession agreements.
  • The law was proposed, passed three readings and was adopted by Parliament in a single day and will now be referred to the President of the Kyrgyz Republic for signature.
  • The Company therefore believes strongly that the claims advanced by the State Tax Service and such individual Kyrgyz Republic claimants are entirely meritless and the new and draft Kyrgyz Republic laws noted above, if implemented, would clearly violate the 2009 restated project agreements and the 2009 Kyrgyz Republic laws which confirmed such agreements.
  • Centerra operates three mines, the Kumtor Mine in the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and the \xc3\x96ks\xc3\xbct Mine in Turkey.

Centerra Gold Comments on Tax Claims Received from Kyrgyz Authorities

Retrieved on: 
Thursday, March 18, 2021

TORONTO, March 18, 2021 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (Centerra) (TSX: CG) comments today on tax claims received by its Kyrgyz Republic subsidiary, Kumtor Gold Company CJSC (KGC), from the Kyrgyz Republic State Tax Service.

Key Points: 
  • TORONTO, March 18, 2021 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (Centerra) (TSX: CG) comments today on tax claims received by its Kyrgyz Republic subsidiary, Kumtor Gold Company CJSC (KGC), from the Kyrgyz Republic State Tax Service.
  • Each of these claims was initially raised by the State Tax Service in 2018 but subsequently withdrawn or terminated pursuant to decisions of the State Tax Service in March 2018.
  • The State Tax Service has now annulled its previous decision in order to revive such claims.
  • KGC has also received requests from the State Tax Service to re-audit KGCs financial accounts for 2014 through 2019.