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TORONTO — Centerra Gold Inc. says its shareholders have authorized a plan of association with Kyrgyzaltyn JSC and the Kyrgyz Republic on the sale of two wholly-owned Kyrgyz subsidiaries, Kumtor Gold Co. CJSC and Kumtor Working Co.
TORONTO — Centerra Gold Inc. says its shareholders have authorized a plan of association with Kyrgyzaltyn JSC and the Kyrgyz Republic on the sale of two wholly-owned Kyrgyz subsidiaries, Kumtor Gold Co. CJSC and Kumtor Working Co. CJSC, which function the Kumtor Gold Mine.
In April, the Canadian gold miner Centerra introduced it had agreed to promote its enterprise pursuits within the Kyrgyz Republic and exit the nation, settling a long-simmering dispute over one of many largest gold mines in Central Asia.
In alternate, Kyrgyzaltyn would surrender its 26 per cent stake in Centerra and its 77.4 million Centerra frequent shares for cancellation, value roughly $972 million.
The Kyrgyzstani authorities took over the Kumtor mine in Might 2021 citing environmental and security issues, although the nation has additionally lengthy accused the corporate of not paying sufficient taxes.
Centerra has denied these allegations.
Centerra says 96.8 per cent of shareholders voted to approve the plan of association.
This report by The Canadian Press was first printed July 25, 2022.
Firms on this story: (TSX:CG)
The Canadian Press
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