Stans Energy Corp V.HRE.H

More heat today

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21/02/15 09:25, Bishkek – 24.kg news agency, by Tatyana KUDRYAVTSEVA

Proceedings of the Kyrgyz Government with Stans Energy Company may hinder the establishment of joint venture with Centerra Gold to develop Kumtor gold deposit, the company Centerra Gold reported.

Recall, in October 2014 the Supreme Court of Ontario (Canada) at the request of the Canadian mining company Stans Energy Corp 47 million shares of Centerra Gold were seized, which is owned by Kyrgyzaltyn OJSC. This is done in order to make the KR to execute the decision of the Arbitration Court of the Moscow Chamber of Commerce on the company paying $118.2 million for the outbreak in the Republic of the trial for prolongation of license agreement for subsoil deposits on Kutessay II rare earth metals deposit.

"If Kyrgyzstan won't be able to win the argument with Stans Energy, the latter will receive shares of Centerra as compensation for its losses. Thus, the government of Kyrgyzstan won't have enough shares to gain 50 percent in the joint venture for the development of Kumtor," a statement said.

Recall, the last round of negotiations between the Kyrgyz and the Canadian delegations on Kumtor project was completed on February 7.

URL: https://www.eng.24.kg/economics/174638-news24.html