Kyrgyzstan Upheaval Hits Miners' Shares; Operations Unaffected
April 08 2010 - 12:31PM
Dow Jones News
Foreign-owned gold miners with operations in Kyrgyzstan Thursday
saw their shares tumble Thursday after a violent revolt ousted
President Kurmanbek Bakiyek and an interim government of opposition
leaders took power.
The miners said their operations were in remote locations not
affected by the political turmoil.
Canadian gold miner Centerra Gold Inc. (CG.T) said in a
statement Thursday its Kumtor gold mine in the country's southeast
continues to operate. Kumtor produced 511,092 troy ounces in 2009
worth $523.78 million and is one of central Asia's biggest
foreign-owned gold mines.
Exploration operations at London-listed miner Chaarat Gold
Holdings Ltd.'s (CGH.LN) Chaarat gold project, said finance
director Linda Naylor. "Our site is very remote. We're operating as
normal."
Naylor said Chaarat doesn't expect any changes to its
exploration license, which it has had since 2002.
At 1527 GMT, Centerra shares were down C$1.13, or 9.4%, at
C$10.86. Chaarat was down 7p, or 13.3%, at 47 p at 1533 GMT.
Other mining companies active in Kyrgyzstan include Gold Fields
(GFI.JO) and Orsu Metals Corp. (OSU.LN), which own the Talas
copper-gold project through a joint venture.
-By Matthew Walls, Dow Jones Newswires; +44 (0)20 7842 9412;
matthew.walls@dowjones.com
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