The Canadian company operating Kyrgyzstan’s troubled Kumtor gold mine has announced that a shutdown will not happen. A last-minute agreement appears to end a period of brinksmanship between Kyrgyz officials and company representatives that could have pushed the country’s shaky economy over the edge.
Toronto-listed Centerra Gold threatened on June 2 to start implementing a shutdown plan at close of business on June 13, if it did not receive government approval for its annual work plan. Centerra executives said they had been seeking approval since late last year.
The company – Kyrgyzstan’s largest investor – said that “despite repeated submissions and discussions with senior officials,” the company remained in limbo, unable to receive the necessary permits to operate until Bishkek signed off on the work plan.
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