PRECIOUS METALS

Centerra's Kumtor to resume as miners remain missing

Centerra Gold (TSX: CG) says the Kumtor operation in the Kyrgyz Republic has received all necessary approvals to resume openpit mining and milling for the rest of 2020.

Staff reporter
 The search has been called off at Centerra Gold’s Kumtor mine in the Kyrgyz Republic

The search has been called off at Centerra Gold’s Kumtor mine in the Kyrgyz Republic

Mining was halted in December when two employees were reported missing after a massive rockslide at the Lysii waste rock dump.
 
Centerra said there was no sign of the pair after six weeks and the decision was made to stop the search effort, with the consent of the families and relevant Kyrgyz state agencies.

"Our thoughts, condolences and prayers are with our employees, families and our deepest appreciation is to all those involved in the search efforts," the company said.

It said the relevant state agencies had approved the company's 2020 mine development plan for the Central Pit development, including the revised waste dumping plan and special safety measures to place material in the Central Valley and Sarytor waste rock dumps.

"In addition, Kumtor is continuing its own internal review and cooperating with Kyrgyz authorities' inquiries in relation to the Lysii waste rock dump," Centerra said.

It was expecting openpit operations to be in full production early next week and the mill continued to process stockpiled ore as planned for 2020.

Centerra's share price doubled from C$6.27 a year ago to $13 in October after reaching a long-awaited strategic agreement with Kyrgyz over Kumtor but fell as problems at its Mount Milligan mine in Canada weighed on third-quarter results.  

It gained 3.7% to $9.87 yesterday to capitalise the company about $2.9 billion (US$2.2 billion).

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