Canada’s Centerra Reaches Mine Settlement in Central Asia

Centerra Gold Inc., a Toronto-headquartered gold mining company, has reached a settlement in a long-running dispute with the Kyrgyz Republic over Centerra’s Kumtor gold mine in the central Asian country. The agreement will lift restrictions on the ability of Centerra's Kyrgyz subsidiary, Kumtor Gold Co., to transfer cash to Centerra, and allow the free movement of its employees. Under the deal, Kumtor Gold has agreed to make a one-time payment of US$50 million and annual payments of US$2.7 million to a new, government-administered nature development fund. It will also contribute US$10 million to a new cancer care support fund and accelerate its annual payments to a reclamation trust fund in the amount of US$6 million a year until the total reaches the estimated reclamation cost for the Kumtor Project.

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