Centerra Gold Announced Arbitration over Kumtor Gold Mine

The arbitration focuses on enforcing its rights under longstanding investment agreements with the Government.

SEATTLE (Scrap Monster): Centerra Gold Inc. announced that it has launched binding arbitration against the Government of the Kyrgyz Republic in connection with the company’s Kumtor gold mine. The arbitration focuses on enforcing its rights under longstanding investment agreements with the Government.

The company seeks to prevent the country’s government from taking further steps to implement recently adopted legislation or to pursue recently imposed fines and tax claims against it. It also intends to hold the government accountable for any and all losses and damage that result from its recent actions against it, if no resolution is reached.

ALSO READ:

Court Fined Kumtor Gold for Violating Environmental Laws

Centerra Gold Kumtor Gold Mine Office in Krygyzstan Attacked by Protestors

Centerra Gold noted that it is wrongful and illegal for the government to pass a new law in a single day that allows it to appoint an “external manager” to control the mine operations, if the government finds any act that pose a risk to human safety and the environment. It also questioned the hasty decision by the Court to impose a fine of $3 billion on the company in response to private civil environmental claims. Furthermore, it also questioned the intimidation of company officials by law enforcement officials, including police visits on senior managers’ residences and raids at company premises.

Meantime, Scott Perry, President & Chief Executive Officer, Centerra expressed willingness to engage in constructive dialogues with the government.

• Rio Tinto, Sumitomo Metal Mining to Collaborate on Winu Copper-Gold Project
• KORN Recycling Implements WeSort.AI’s AI System to Prevent Fires Caused by Lithium-Ion Batteries
• December 3, 2024: Scrap Gold and Silver Prices Dipped, Platinum Up on the Index
• $3.9 Million in Recycling Improvements Set for 2025-2026 Rollout by the Northern Shenandoah Valley Regional Commission (VA)