(Kitco News) - Centerra Gold (TSX: CG) today announced the closing of the previously announced global arrangement agreement with Kyrgyzaltyn and the Government of the Kyrgyz Republic relating to the disposition of Centerra's ownership of the Kumtor mine.
According to the company's statement, as a result of the completion of the transaction, Centerra has purchased and cancelled all of Kyrgyzaltyn's 77,401,766 Centerra common shares in exchange for, among other things, Centerra's 100% equity interest in its two Kyrgyz subsidiaries, and indirectly, the Kumtor mine, and aggregate cash payments of approximately US$85 million.
Importantly, the company said that Kyrgyzaltyn and the Kyrgyz Republic assuming all responsibility for the Kumtor mine, including all reclamation and environmental obligations.
Centerra added that the parties have provided full and final releases of all claims related to the Kumtor mine. In addition, Kyrgyzaltyn's two director nominees have resigned from Centerra's Board of Directors, and the restated shareholders agreement between, among others, Centerra and Kyrgyzaltyn has terminated.
"As a result of the purchase and cancellation of a total of 77,401,766 Centerra common shares previously held by Kyrgyzaltyn pursuant to the transaction, the company has 220,083,541 Centerra common shares outstanding as at the date hereof," the company said in a press-release.
Centerra Gold is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Turkey, and other markets worldwide.
Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Turkey. The company also owns the Goldfield District Project in Nevada, United States, the Kemess Underground Project in British Columbia, Canada, and owns and operates the Molybdenum Business Unit in the United States.
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