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(Adds details, background) BISHKEK, Dec 22 (Reuters) - Kyrgyzstan's government said on Tuesday it had stopped talks with Canada's Centerra Gold on restructuring their joint Kumtor project because the current agreement "ran counter to the country's national interests." It said it would propose a new restructuring project to develop Kumtor, the Central Asian nation's largest gold field, seeking "an increase in financial flows" for Kyrgyzstan. Centerra, which operates Kumtor, has been in talks with Kyrgyzstan for almost two years on a deal that would involve the ex-Soviet republic swapping its 32.7 percent stake in Centerra for half of a joint venture that would control the gold deposit. The Bishkek government is particularly unhappy with Centerra's new, lower estimate of Kumtor's reserves. In February it estimated proven and probable reserves at 6.1 million ounces of contained gold as of end-2014, compared to 8.5 million a year earlier. Former Kyrgyz prime minister Joomart Otorbayev resigned in April after failing to clinch the restructuring deal and his successor Temir Sariyev said at the time that resolving the issue would be among his priorities. Kyrgyzstan's parliament, in turn, has threatened to nationalise the gold mine which is the main hard currency earner for the Central Asian nation and accounted for 7.4 percent of its gross domestic product and 15.5 percent of industrial output last year. (Reporting by Olga Dzyubenko; Writing by Dmitry Solovyov and Olzhas Auyezov; Editing by Andrew Osborn and William Hardy)
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Centerra Gold Inc
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PRODUCER |
CODE : CG.TO |
ISIN : CA1520061021 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Centerra Gold is a gold and copper producing company based in Canada. Centerra Gold holds various exploration projects in Russia. Its main assets in production are KUMTOR in Kyrgyzstan and BOROO in Mongolia, its main asset in development is GATSUURT in Mongolia and its main exploration properties are AKARCA in Turkey and REN and KARA BELDYR in Russia. Centerra Gold is listed in Canada and in Germany. Its market capitalisation is CA$ 2.7 billions as of today (US$ 2.0 billions, € 1.8 billions). Its stock quote reached its lowest recent point on October 24, 2008 at CA$ 0.79, and its highest recent level on April 21, 2023 at CA$ 9.99. Centerra Gold has 291 280 000 shares outstanding. |