KyrgyzAltyn" submit a draft agreement on the "Kumtor" in Oct KyrgyzAltyn" submit a draft agreement on the "Kumtor" in October
09/24/14 13:40
Nazgul Begalieva
During October of "KyrgyzAltyn" intends to bring to the government a draft agreement on the restructuring of "Kumtor". On this day, September 24, "WB" said the deputy chairman of the company Kylychbek Shakirov .
According to him, before the Canadian mining company Centerra Gold Inc. made the Kyrgyz side of your option package restructuring agreement "Kumtor".
"Today, we are also developing a version of the agreement to establish a joint venture" Kumtor. "In the beginning of October in Moscow at the office of the legal adviser" Kyrgyzaltyn "project - an international company DLA Piper UK - will discuss the legal aspect of the draft agreement. If necessary, by teleconference leave to communicate with lawyers Centerra in New York. In particular, there is controversy on the corporate governance structure of a joint venture. Canadian side offers a smaller number of members of the board, and we insist on high, because the council should include representatives of different fields - financiers, environmentalists miners. Also, there is controversy on the odd number of members of the Board of Directors, because under our laws there on both sides must be equal to the number of representatives. We suggest that one member on the board was independent, "- said Shakira.
He also noted that the draft agreement - a very complicated process, because it should address all the principles of the restructuring of the project, the timing and logistics.
"Kyrgyzstan side wants to be clearly defined for the implementation of all the points previously voiced and binding commitments, including the recommendations of the international company AMEC on environmental issues" - summed up the deputy chairman.
Earlier, the parliament endorsed a memorandum on establishing a joint venture "Kumtor". According to him, Kyrgyzstan with the Canadian company Centerra Gold Inc. a joint venture with equal stakes of 50% to 50%. The share of other shareholders - 67% - in Centerra is equivalent to a 50% stake in the joint venture, while to assimilate the Canadian company holds shares separately from the joint venture assets of $ 200 million (mobile equipment).