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The Financial Post reported that shares in Centerra Gold (TSX:CG) climbed on Tuesday after the company announced it has reached a non-binding agreement with the government of the Kyrgyz Republic that could pave the way for joint ownership of Kumtor, the country’s flagship gold mine.
The Financial Post reported that shares in Centerra Gold (TSX:CG) climbed on Tuesday after the company announced it has reached a non-binding agreement with the government of the Kyrgyz Republic that could pave the way for joint ownership of Kumtor, the country’s flagship gold mine.
As quoted in the market news:
The mine, which accounted for some 12% of the Central Asian country’s gross domestic product in 2011, has been at the center of a spiraling controversy for months, with some within the country demanding that the gold mine be nationalized, while others have demanded that the country get a big stake in it.
Shares in Toronto-listed Centerra soared as much as 8.8% in early trading after it announced the tentative deal with Kyrgyz Republic to swap its 32.7% equity stake in the Canadian miner for a 50% ownership interest in the Kumtor mine itself.