Centerra Reaches Deal With Kyrgyz Goverment Over Gold Mine

Centerra Gold Inc. has agreed to give up all ownership rights to a gold mine that was seized by the government of Kyrgyzstan last year, according to a statement.

• In exchange, all related litigation will cease and Kyrgyzaltyn, a state-owned company, will relinquish its equity stake in Centerra
  • Kyrgyzaltyn’s stake in Centerra amounts to 26% of the company, per the statement
  • Centerra will also pay Kyrgyzaltyn about $36 million, with around $25 million of that going to the Canadian government for taxes, and the balance going to Kyrgyzaltyn
  • Centerra will also pay Kumtor Gold Company -- to be owned ...