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February 22, 2024
Mining Africa News
Health and Safety Mining

Gold mine acquisition highlights increased risk in the mining sector

Centerra Gold Inc. of Canada has invested more than $ 3 billion over nearly 30 years to turn the gold outlook in remote areas of Kyrgyzstan into a thriving gold mine. Then in May, the mine was taken over by the authorities of the former Soviet Republic.
Kyrgyzstan secret police officials arrive at the home of a local mine manager, with computer passwords, confidential documents, mine keys, and Kumtor Gold Co, a wholly owned subsidiary of Centerra. I got the head office of.
Mining and legal experts say that the expropriation of one of Central Asia’s largest gold mines (which accounted for about one-tenth of Kyrgyzstan’s economic production) has been in recent years by countries claiming the management of valuable natural resources. Says it is one of the brave moves of.
Centerra is not the only mining company that has been intertwined with the government in recent years. Gold or copper mines in Tanzania, Papua New Guinea, Mongolia, Indonesia, Greece and South America have been stalled or threatened as local governments demanded more taxes, royalties, or larger stakes.
For example, mining giant Barrick Gold Corp. resolved its conflict with Tanzania in 2019 by paying an African country $ 300 million and sharing ownership with three local gold mines. The then president of Tanzania said he was waging an “economic war” against miners who did not pay enough royalties and taxes.

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