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Friday, 1st May 2009 (4653 views)

The Kyrgyz parliament has ratified a new agreement with Cameco and Centerra Gold signed earlier this month.

Intended to resolve any outstanding issues with relation to the Kumtor gold mine, the Kyrgyz parliament has passed legislation that implements all the terms of the deal and forwarded it to the country's president for his signature.

All parties concerned have agreed to apply "reasonable efforts" to finalise the transaction by May 25th 2009, as it is subject to certain conditions being met.

Cameco forecasts that the new agreement will "further align the parties' business interests and provide additional certainty for continuing operations and future development of the Kumtor project".

Listed on the Toronto stock exchange, Centerra is focused on gold properties in Asia, the former Soviet Union and other emerging markets.

The firm aims to become a senior gold producer and owns a 100 per cent stake in the Kumtor mine and a 100 per cent interest in the Boroo mine in Mongolia, in addition to a portfolio of exploration prospects in Mongolia, Nevada, Turkey and Russia.

 

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