Centerra steps closer to restructuring Kumtor’s ownership

Centerra Gold (TSX: CG) says Kyrgyzstan’s parliament has passed a resolution that appears to support the new ownership structure for the country’s largest gold mine, despite several “materially inconsistent” recommendations.

Kumtor, located about 350 km southeast of the capital Bishkek and 60 km north of the Chinese border, is the largest gold mine operated in central Asia by a Canadian miner. The asset has generated more than 8.6 million oz of gold between 1997 and 2012.

However, lately it has been the centre of controversy, with opponents demanding the government to nationalize the mine or at least increase its ownership. The company is also facing over US$467 million in alleged environmental fines.

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