Canada markets close in 2 hours 52 minutes
  • S&P/TSX

    18,582.32
    -396.69 (-2.09%)
     
  • S&P 500

    3,643.16
    -101.36 (-2.71%)
     
  • DOW

    29,315.51
    -611.43 (-2.04%)
     
  • CAD/USD

    0.7292
    +0.0015 (+0.21%)
     
  • CRUDE OIL

    92.36
    +3.91 (+4.42%)
     
  • BTC-CAD

    26,616.26
    -1,055.51 (-3.81%)
     
  • CMC Crypto 200

    442.61
    -12.42 (-2.73%)
     
  • GOLD FUTURES

    1,707.90
    -12.90 (-0.75%)
     
  • RUSSELL 2000

    1,705.02
    -47.50 (-2.71%)
     
  • 10-Yr Bond

    3.8650
    +0.0390 (+1.02%)
     
  • NASDAQ

    10,667.30
    -406.01 (-3.67%)
     
  • VOLATILITY

    31.66
    +1.14 (+3.74%)
     
  • FTSE

    6,991.09
    -6.18 (-0.09%)
     
  • NIKKEI 225

    27,116.11
    -195.19 (-0.71%)
     
  • CAD/EUR

    0.7470
    +0.0044 (+0.59%)
     

Centerra shareholders approve deal to exit Kyrgyz Republic, sell Kumtor mine

·1 min read

TORONTO — Centerra Gold Inc. says its shareholders have approved a plan of arrangement with Kyrgyzaltyn JSC and the Kyrgyz Republic on the sale of two wholly-owned Kyrgyz subsidiaries, Kumtor Gold Co. CJSC and Kumtor Operating Co. CJSC, which operate the Kumtor Gold Mine.

In April, the Canadian gold miner Centerra announced it had agreed to sell its business interests in the Kyrgyz Republic and exit the country, settling a long-simmering dispute over one of the biggest gold mines in Central Asia.

In exchange, Kyrgyzaltyn would give up its 26 per cent stake in Centerra and its 77.4 million Centerra common shares for cancellation, worth roughly $972 million.

The Kyrgyzstani government took over the Kumtor mine in May 2021 citing environmental and safety concerns, though the country has also long accused the company of not paying enough taxes.

Centerra has denied those allegations.

Centerra says 96.8 per cent of shareholders voted to approve the plan of arrangement.

This report by The Canadian Press was first published July 25, 2022.

Companies in this story: (TSX:CG)

The Canadian Press