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Saturday 21 March 2015

Negotiations on Kumtor Project to Continue on March 23


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BISHKEK (24.kg news agency) – Negotiations on Kumtor project will continue on March 23, the head of Kyrgyzaltyn Tokon Mamytov reported.

According to him, not all environmental issues have been resolved, so the talks will continue on March 23 when environmental expert of Centerra will come to Bishkek. It is also planned to discuss the size of the annual payments to the environmental protection, the amount of the trust fund on remediation.

Earlier parties agreed that the final draft of the agreement on Kumtor will be based on the memorandum of Kyrgyzaltyn.

Kumtor is 100% owned by the Canadian mining company, Centerra Gold, through its wholly owned subsidiary, Kumtor Gold Company. The mine started operation in Q2 1997 and produced more than 5.8 mln ounces (180,000 kg) of gold through the end of 2006. However, in mid June 2012, the Kyrgyz Parliament issued a resolution to review Kumtor’s compliance with relevant operational, environmental, health and safety and community standards. Stopping short of voting to nationalise the Kumtor mine, lawmakers instead directed the government to revise the contract, which gives Kyrgyzstan a 33% stake in the company while Centerra retains full ownership of the mine and its output.

Located in Tian Shan mountains at more than 4,000 m above sea level, Kumtor is the second-highest gold mining operation in the world after Yanacocha gold mine in Peru.

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