Deal is part of Chaarat’s intention of becoming a major regional player in Central Asia, with an annual production of 1 million ounces, which aims to reach through acquisitions.
Kyrgyzstan Mining News
The gold miner has given up on Kumtor and decided to focus its efforts on completing a deal for Armenia-based Kapan Mining instead
The Central Asia-focused explorer and developer said Tulkubash’s measured and indicated resource is now over 1.4 million ounces of gold, while the grade also rose 57% to 1.35g/t gold.
Junior continues to pursue $800-million acquisition of Centerra Gold's Kumtor mine in Kyrgyzstan.
Extension of the deadline, the fifth one so far this year, seeks reaching final agreement that would end long-running dispute over the country’s largest gold mine.
The parliament’s revision of the strategic agreement, set for September, may lead to increased environmental payments for the Canadian miner.
Deadline for fulfillment of all conditions included in agreement with the Kyrgyz government, which would end all disputes over the firm’s Kumtor gold mine, has been pushed back about a month.
Prime Minister said he would submit tom parliament his own 'proposals' over a settlement reached last year, which would end long-dragged disputes between the company and the country over Kumtor gold mine.
It’s rumoured that Sapar Isakov's charges may put a pact ending long-dragged disputes between the Asian country and the Canadian miner in jeopardy.
The miner is receiving an upfront cash payment of $155 million for AuRico Metals’ royalty portfolio and about $45 million payable in four tranches for Kemess's silver output.
The proposed acquisition means Chaarat would own Kumtor and will have control over management and operations of the mine.
Kyrgyzaltyn has yet to see an offer by Chaarat Gold Holdings to acquire Kumtor mine, which is the Central Asian nation’s largest gold operation.
Centerra and Kyrgyzstan have had a series of disputes over sharing profits from Kumtor, and London-listed Chaarat was offering the nation to increase its stake in the project’s cash flow in the three-way deal.
Producer offers 38.5% cash premium for AuRico Metals developing the Kemess gold and copper project in British Columbia, Canada.
Company said it did not know why the operations had been suspended, but a source familiar with the situation pointed to political disputes between Kazakhstan and Kyrgyzstan.
The arbitrator has sided with miner, allowing it to move forward with the case against the Central Asian country.
Initial drilling is designed to intersect an area which was previously drilled in the former Soviet republic between 1970 and 1990.
The decision means the $210 million arbitration against the Kyrgyz Republic will advance to the merits stage, the Canadian junior said.
Centerra Gold, a Toronto-based Canadian company, appears in the news regarding its troubles in Kyrgyzstan and its operations at the Kumtor gold mine.
Shares fell after the miner said it would suspend dividends until further notice, due to current restrictions to funds held at its Kyrgyz Republic subsidiary, Kumtor Gold.
The miner increased gold output guidance for the mine to 520,000 to 560,000 ounces and lowered all-in sustaining cost forecast to $666 – $718 per ounce.
With the deal Centerra gets its hands on Mount Milligan, a large mine in British Columbia and reduces its reliance on Kumtor mine, in Kyrgyzstan, for cash flow.
Kumtor mine is the country's largest private sector employer and taxpayer and Centerra’s main gold producing mine.
The company is yet to receive an approval of its Kumtor’s 2016 mine plan, which it requires to continue operating the mine beyond June 30.
President Almazbek Atambayev has ordered state prosecutors to review the legality of agreements signed with the company in 2003-2004 and 2009.