Centerra to Exit Kyrgyzstan, Shed Mine in Government Deal
- Canadian miner gets back $778 million in shares in agreement
- Centerra’s Kumtor mine was seized by Kyrgyz Republic in May
A truck loaded with gold ore at the Kumtor mine in Kyrgyzstan.
Photographer: Andrew Caballero Reynolds/Bloomberg
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Centerra Gold Inc. said it struck an deal with Kyrgyzstan’s government that sees the Canadian miner hand over ownership of its seized flagship Kumtor mine and exit the country, ending a nearly year-long dispute with the Central Asian nation.
The Toronto-based miner will get back 77.4 million of its shares held by a state-owned company under the agreement, Centerra said Monday in a statement. The shares, representing a 26% stake in Centerra, is valued at C$972 million ($778 million), based on the April 1 closing share price.