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Centerra Gold in talks with Kyrgyzstan over Kumtor ownership

Workers stand beside machinery in a tunnel in the Kumtor mine in Kyrgyzstan.


Centerra Gold Inc. says it's in talks with the government of Kyrgyzstan about a new ownership arrangement for its Kumtor gold mine following violent protests and calls to nationalize the operation.

A government company currently owns about one-third of Centerra, the Toronto-based company that operates the mine where protesters blockaded a key access road and cut power last week.

Centerra says the two sides are considering a swap to shift ownership of Kumtor from the company to a joint venture with the government.

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It says the government's Kyrgyzaltyn JSC would exchange its stake in Centerra for a stake of equivalent value in the new joint venture.

Centerra says it expects a "constructive dialogue" but added there's no assurance that the two sides can reach an agreement.

In addition to Kumtor, Centerra owns the Boroo mine and Gatsuurt development property in Mongolia.

More to come

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