BRIEF-Centerra Gold Provides Update on Kyrgyz Republic Environmental Claims

Wed May 25, 2016 3:55pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

May 25 (Reuters) - Centerra Gold Inc :

* Centerra Gold provides update on Kyrgyz Republic environmental claims

* Court in Kyrgyz Republic today ruled against Kumtor operating company, Centerra's unit, on environmental claim

* Court in Kyrgyz Republic awarded damages of approximately U.S.$98.4 million after ruling against Centerra's Kyrgyz unit

* Environmental claim was brought by state inspectorate office for environmental and technical safety of Kyrgyz Republic (SIETS)

* Co,KOC strongly dispute SIETS claims, will appeal both decisions to Bishkek city court, if necessary, to Kyrgyz Republic Supreme Court

* Will continue to challenge SIETS,SAEPF claims in Kyrgyz courts

* Will challenge SIETS,SAEPF claims by commencing international arbitration proceedings in accordance with restated investment agreement

* There is also claim before court made by another Kyrgyz Government Agency alleging KOC owes pollution fees and claims damages of $220 million

* Next court hearing in the Kyrgyz Republic State agency for environment and forestry protection claim is scheduled for May 30 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)