Bishkek, July 30, 2022 . / Kabar / . The Kyrgyz Embassy in Great Britain hosted on Saturday the exchange of documents confirming the process of transition of the Kumtor gold mine into the ownership of Kyrgyzstan, the press service of the Presidential Administration said.
The full package of legal documents including all necessary transfer acts, powers of attorney and certificates for registration of the complete transfer of ownership rights for 100% shares of Kumtor Gold Company and Kumtor Operating Company in favor of Kyrgyzaltyn OJSC was transferred Kyrgyz Ambassador to the United Kingdom Ulan Dzhusupov in the presence of international legal representatives of the sides and escrow agent.
Kyrgyz President Sadyr Zhaparov gave operative instructions to the Cabinet of Ministers to ensure efficient development of the national wealth of the republic - the Kumtor mine for the benefit of the people of Kyrgyzstan in compliance with all requirements of the national legislation (environmental, tax, corporate, labor, etc.) and international standards.
All financial payments under the Agreement were made in favor of the Kyrgyz Republic.
The agreement reached contains, among other things, the following items:
The Kumtor deposit is fully transferred to the ownership of Kyrgyzstan. At the same time, the republic recognizes the right of ownership of the gold produced at the mine from May 15, 2021.
In addition, Centerra pays a dividend of approximately $11 million.
A one-time payment of $50 million has also been agreed to be made by Centerra to Kyrgyzaltyn.
Kyrgyzaltyn will assume control of the Kumtor Reclamation Fund, which will be approximately $53 million. This amount will also be transferred to a special account with a Kyrgyz bank.
Comments
Post Comment