AKIPRESS.COM - "I welcome the signing of a conditional agreement between Centerra Gold, Kyrgyzaltyn and the Government of the Kyrgyz Republic to resolve the Kumtor Mine issue and related disputes," Canadian Ambassador Alan Hamson said.

"I hope that all conditions to the agreement are satisfied in full very soon, and all the parties enjoy success in the future," the Ambassador said.

"Improving the business and investment climate is important for the future prosperity of the Kyrgyz Republic, and the closure of this agreement would be a positive signal in this regard," the Ambassador stressed.

"In this 30th year of Canada-Kyrgyzstan diplomatic relations, I look forward to further strengthening the partnership of our two nations on our many shared priorities," Ambassador Alan Hamson concluded. 

Centerra Gold Inc., Kyrgyzaltyn JSC and the Government of the Kyrgyz Republic entered into a global arrangement agreement to effect a clean separation of the parties, including through the disposition of Centerra’s ownership of the Kumtor Mine and investment in the Kyrgyz Republic, the elimination of Kyrgyzaltyn’s involvement and interest in Centerra, and the resolution of their disputes.

Kyrgyzaltyn will transfer to Centerra all of its 77.4 million Centerra common shares. In satisfaction of the purchase price, Kyrgyzaltyn will receive from Centerra a 100% equity interest in Centerra's two Kyrgyz subsidiaries and, indirectly, the Kumtor Mine, plus a cash payment of approximately US$36 million.