Kyrgyzstan rejects Canadian miner deal

RIA Novosti

Kyrgyzstan’s lawmakers overwhelmingly rejected Wednesday a new deal to settle Bishek’s long-standing dispute with the Canadian operator of the country’s biggest goldmine.

The Kumtor mine, one of the largest in Central Asia, has for the past year been at the center of a tussle between Toronto-listed Centerra Gold and Kyrgyzstan, which has fought to boost its control over the project.

Just two of 120 lawmakers voted in favor of a memorandum of understanding with Centerra, reached in September, under which Bishkek would swap its 32.7 percent stake in Centerra for a 50 percent interest in a joint venture. Under the agreement, the Canadian firm would remain the operator and manager of the mine, and would also receive $100 million, Centerra said last month.

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