Centerra Gold’s Kumtor Gold Mine has secured extension of permits for emissions into the atmosphere and waste disposal into the tailings pond from the Kyrgyz Republic State Agency of Environmental Protection and Forestry (SAEPF).
The permit for the Canadian company’s Kumtor mine has been extended until the end of 2015.
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According to Centerra, SAEPF will continue to review the annual mine plan of the operation.
As advised by the agency, Kumtor does not need to suspend operations during the review process.
Centerra and Kumtor hope to continue negotiations with SAEPF to obtain the approval of the 2015 annual mine plan.
However, in case no such approval is received the company, it will halt operations at the project.
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By GlobalDataCenterra said that such decision will have an adverse impact on its future cash flow, earnings, and results of operation, as well as financial condition.
Located in Tian Shan mountains at more than 4,000m above sea level, the open-pit Kumtor Gold Mine is 100%-owned by Centerra through its wholly owned subsidiary, Kumtor Gold Company.
The mine started operation in the second quarter of 1997 and has produced more than 10 million ounces of gold as of 31 March 2015.
The Kyrgyz Parliament issued a resolution during mid June 2012 in a bid to review the mine’s compliance with relevant operational, environmental, health and safety and community standards.
Centerra Gold, the Canada-based gold mining company focuses on operating, developing, exploring and acquiring gold properties in Asia, Canada, and other markets worldwide.
