By The Canadian Press
Wed., July 7, 2021timer1 min. read
TORONTO – Centerra Gold Inc. says it has filed additional claims in binding arbitration against the government of the Kyrgyz Republic and asserted claims against the state-owned entity Kyrgyzaltyn JSC in response to the expropriation of the Kumtor Mine in the central Asian country.
The Toronto-based miner says it is seeking to hold both responsible for all losses and damages resulting from the seizure of the gold mine in violation of long-standing investment agreements and without compensation to Centerra.
The amended notice adds claims against Kyrgyzaltyn JSC, the gold refining monopoly in Kyrgyz and Centerra’s largest shareholder.
It asserts that Kyrgyzaltyn JSC conspired with the Kyrgyz government to take control of the mine under the guise of temporary “external management” and continues to act at the behest of the government with regard to the operation of Kumtor and its stake in Centerra.
Centerra initiated binding arbitration in May against the Kyrgyz government in response to actions taken against subsidiary Kumtor Gold Co. including fines, tax claims and legislation placing its operations under external management.
Centerra says its claims will be decided in Stockholm by a single arbitrator yet to be selected under rules of the United Nations Commission on International Trade Law.
This report by The Canadian Press was first published July 7, 2021.
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