Centerra said yesterday the remaining legal and international arbitration proceedings had been terminated and all obligations under the strategic agreement had become effective.

The company agreed earlier this month to pay millions more to causes including regional development to strengthen its social licence in the country, where the deadline to close the original deal struck in 2017 had been extended numerous times.
 
"The completion of the strategic agreement solidifies our strong relationship with the government of the Kyrgyz Republic and marks another turning point in the history of the Kumtor project," Centerra president and CEO Scott Perry said.

"The certainty brought by the strategic agreement will allow us to continue working to expand the Kumtor project's reserves and resources, extend the life of the mine, improve its efficiency and profitability, strengthen our commitment to social programmes and to protect the environment for the mutual benefit of Centerra and the Kyrgyz Republic."

News of the deal nearing completion has put the country's mineral potential back in the sights of the mining industry, as explorers told Mining Journal this month.

Centerra shares touched a 52-week high on Friday of C$12.16 but closed down 1.4% yesterday to $11.84, capitalising it about $3.5 billion (US$2.6 billion).