(Image via Centerra Gold.)
Despite violent unrest in the Kyrgyz Republic in Central Asia, investors into a prominent Canadian gold mining company working in the region have had their concerns put at ease, following news that the miner is moving ahead with its work in the area ....
Centerra Gold Inc. (TSX: CG) confirmed via
a news statement this week that the operations at its Kumtor Mine have been continuing uninterrupted, following the recent political unrest in the Kyrgyz Republic.
The company stated that it is monitoring these political events as they unfold to ensure that conditions remain safe to continue to transport people and supplies to the mine.
From the release: “The political situation is continuing to evolve, and the Company is taking all the necessary precautions to ensure the safety of its personnel and operations.”
CG stock fell as much as 14% upon filing of this news, though this performance appears to be reactionary, as the Company’s shares have appeared to be digging out of the common “cratering” that nearly every other business had endured in March 2020.
(Centerra Gold Stock Chart, Sept 29th – Oct 6th. Click to enlarge.)
(Centerra Gold Stock Chart, October 2019 – October 2020. Click to enlarge.)
The Kumtor Mine is located in a remote mountainous location 430 kilometres by road to the southeast of the national capital Bishkek, which appears to be at the centre of these violent protests.
Officials in the republic are also on the ground closely assessing the situation, where protests erupted this week in the aftermath of the parliamentary elections which were held on October 4th, leaving one person dead and over a hundred injured after clashes with police, according to Kyrgyzstan’s Ministry of Health.
Centerra Gold is one of the largest Western-based gold producers in Central Asia. Its Kumtor Mine is one of two flagship assets, the other is its Mount Milligan Mine in British Columbia. Let us know your thoughts on how the civil unrest surrounding this gold company’s project is impacting its share value in the comments below.
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