The authorities of Kyrgyzstan received 100% of the largest gold deposit in the country

The Kyrgyz authorities signed an agreement with the Canadian company Centerra to settle disputes over the country's largest Kumtor deposit, now the mine is owned by the country, President Sadyr Japarov said, according to the local edition Tazabek.

The country's authorities gained control of 100% of the shares of the Kumtor Gold Company, through which Centerra operated the mine.

“Most recently, an agreement was signed on the settlement of mutual claims with Centerra. We have ensured the full and final return of our greatest national wealth - the Kumtor deposit," the HEAD of state said.

Since May last year, Kumtor has been under external management, under the agreement, Kyrgyzstan will receive all income for this period. According to the president, this is $323 million. In addition, the state will receive another $11 million in dividends from Centerra; $50 million as a lump sum; $53 million from the Kumtor Mine Reclamation Fund, which was previously held in a trust account in a London bank.

Centerra is also waiving its $29 million claim for a shipment of gold delivered in May 2021. Both parties stop all lawsuits initiated against each other.