Canada's Centerra Gold Inc (CG.TO) on Monday said Kyrgyzstan units Kumtor Gold Co and Kumtor Operating Co have commenced bankruptcy proceedings in a U.S. court following nationalization of the miner's Kumtor gold mine by the former Soviet republic.
A general view shows the Kumtor open pit gold mine at an altitude of about 4,000 meters above sea level in the Tien Shan mountains, Kyrgyzstan, May 28, 2021. REUTERS/Vladimir Pirogovon Monday said Kyrgyzstan units Kumtor Gold Co and Kumtor Operating Co have commenced bankruptcy proceedings in a U.S. court following nationalization of the miner's Kumtor gold mine by the former Soviet republic.
Kumtor, Kyrgyzstan's largest foreign investment project, was operated by Centerra. However, the government of the Central Asian country seized the mine, prompting the Canadian miner to seek redress in an international court. Centerra said bankruptcy proceedings would prevent further efforts by the Kyrgyz government to strip Kumtor Gold of its assets or otherwise "improperly dispose" of the Kumtor mine in violation of its investment agreements with the company.Centerra said the court-supervised restructuring provides for a worldwide automatic stay of all claims against the Kyrgyz business units, which it said are currently solvent.
"Those agreements are governed by New York law, and we expect the U.S. court proceedings will serve to further protect Centerra's interests under their terms pending a restructuring or other resolution of the dispute," Centerra Chief Executive Scott Perry said in a statement.
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