Centerra Gold Urged Immediate Relief in International Arbitration over Kumtor Gold Mine
Mining News | 2021-09-28 20:55:08
The company had initiated binding arbitration in response to government actions against Kumtor Gold Company-its wholly-owned subsidiary.
By Paul Ploumis
SEATTLE (Scrap Monster): Centerra Gold Inc. announced that it has filed an application seeking immediate interim measures in its international arbitration against the government of Kyrgyztan and the state-owned gold refiner Kyrgyzaltyn JSC over issued related to operations of Kumtor Gold Mine.
According to company press release, the application seeks to prevent the Kyrgyz Republic and Kyrgyzaltyn JSC from causing irreparable damage to the mine. The company had initiated binding arbitration in response to government actions against Kumtor Gold Company-its wholly-owned subsidiary.
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Centerra Gold requests an order directing the Kyrgyz Republic to refrain from deviating from the government approved 2021 Kumtor Mine Plan. It also wants the Kyrgyz Republic and Kyrgyzaltyn JSC to refrain from transferring any Centerra shares or KGC assets without a prompt accounting and interfering with the arbitration process.
Dan Desjardins, CEO, Centerra Gold noted that the actions by the Kyrgyz government officials in pursuit of short-term profits have placed the long-term viability of the mine at grave risk and has resulted in compromising the safety and livelihoods of its employees.
The company’s claims will be heard at the arbitration proceedings to be held in Stockholm, Sweden.
