Current status of Kumtor Gold Company CJSC

published: 14 September 2022

On April 4, 2022, the Global Arrangement Agreement was signed among the Kyrgyz Republic, Kyrgyzaltyn JSC, Centerra Gold Inc. and Kumtor Gold Company CJSC (KGC) and Kumtor Operating Company CJSC (KOC), approved by Resolution № 102 of the Cabinet of Ministers of the Kyrgyz Republic dated March 4, 2022. This Agreement governs, among other things, the terms of transfer of KGC and KOC shares by Centerra Gold Inc. (the sole shareholder) to Kyrgyzaltyn JSC.

Pursuant to the afore-mentioned Global Arrangement Agreement, Centerra Gold Inc. transferred 100% of KGC shares and 100% of KOC shares to Kyrgyzaltyn JSC. On August 2, 2022, the transfer of KGC and KOC shares was registered by an independent registrar.

On August 23, 2022, the temporary external management at KGC was terminated (completed) by Order № 446-r of the Cabinet of Ministers of the Kyrgyz Republic.

On August 23, 2022, the Board of Directors of KGC was formed by the decisions of Kyrgyzaltyn JSC, the sole shareholder of KGC. By the decision of the Board of Directors dated August 23, 2022, Almazbek Baryktabasov was elected President of KGC – Chairman of the Management Board. Talaigul Bukarbaeva, Dmitri Dolmatov and Ulukmyrza Abakirov were elected as members of the Board of KGC.

The Agreement on New Terms for the Kumtor Project among the Government of the Kyrgyz Republic, Kyrgyzaltyn JSC, Centerra Gold Inc., Canada, Kumtor Gold Company CJSC, Kumtor Operating Company CJSC and Cameco Corporation, Canada, dated April 24, 2009, ratified by KR Law № 142 dated April 30, 2009, the Restated Investment Agreement among the Government of the Kyrgyz Republic on behalf of the Kyrgyz Republic, Centerra Gold Inc., Kumtor Gold Company CJSC and Kumtor Operating Company CJSC, dated June 6, 2009, as well as other 2009 Restated Investment Agreements for the Kumtor Project were terminated only with respect to Centerra Gold Inc. and all its predecessors. The Agreements for the Kumtor project remain in full force and continue to apply with respect to KGC.