Kyrgyzstan has acquired complete control of the Kumtor Gold Mine, one of Central Asia’s major gold mines, after more than two decades.
The goldmine was at the centre of a dispute between the Kyrgyz government and Centerra Gold, a Canadian mining firm. The mine is the world’s second tallest, after the Yanacocha mines in Peru. “We have recently secured an agreement with Centerra to end this disagreement,” President Sadyr Japarov stated in a speech to the nation earlier this month. Kyrgyzstan currently owns Kumtor in its entirety.”
After an out-of-court deal with Centerra, the mine will now be under the direct control of Kyrgystan’s state-owned Kyrgyzaltyn. President of Kyrgyzstan: Today is a watershed moment in our country’s history. Our people have decided to take control of their own destinies. Even as the Canadian corporation stops all lawsuits against Kyrgygaltyn in the United States, Sweden, and Canada, the Central Asian country is poised to get $53 million. There were envoys from India and the United Kingdom, as well as representatives from Azerbaijani embassies and delegations from the United Nations Resident Coordinator, UN FAO, and UNDP.
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