TORONTO _
Centerra Gold Inc. (
TSX: T.CG,
Stock Forum) threatened Monday to shut down its Kumtor project if it doesn't receive approval from Kyrgyz Republic authorities for mine plan and related permits by June 13.
The shares fell 22% to $3.61 Monday, leaving a market cap of $853.4 million, based on 236.4 million shares outstanding. The 52-week range is $7.20 and $2.82.
As previously disclosed, the company’s subsidiary Kyrgyz Republic, Kumtor Gold Co., has been working since late 2013 with the relevant government agencies to obtain approval of its 2014 annual mine plan and related operating permits,
the company said in a press release.
The impact of the potential shutdown on future operations will depend in part on the duration of the shutdown, the company added.
Kumtor is located about 350 kilometres southeast of the capital Bishkek and about 60 kilometres north of the border with China.
It is the largest gold mine operated in Central Asia by a western-based company, having produced more than 9.2 million ounces of gold between 1997 and 2013.
In 2013, Kumtor’s gold production was 600,402 ounces.