SEPT. 10 2013 (The Conway Bulletin) — After days of talks, Toronto-listed Centerra Gold said it had agreed a non-binding deal with the Kyrgyz government over ownership of the Kumtor gold mine. Under the deal, Kyrgyzstan would swap its 32.7% stake in Centerra Gold for a 50% stake directly in a company that would own Kumtor. It would also pay Centerra Gold $100m.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 151, published on Sept. 11 2013)
AUG. 23 2013 (The Conway Bulletin) — Toronto-listed Centerra Gold and the Kyrgyz government began negotiations over the ownership of the Kumtor gold mine in eastern Kyrgyzstan. The Kyrgyz government holds a 32.7% stake in Centerra Gold, which owns Kumtor, but it says it should own more of the country’s biggest industrial asset.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 149, published on Aug. 26 2013)
JULY 12 2013 (The Conway Bulletin) — Japan Oil, Gas and Metal National Corp. (JOGMEC), a state-run company, has signed a deal with Uzbekistan to search for uranium deposits, media reported. The deal underlines Central Asia’s appeal to energy hungry countries in Asia. JOGMEC will search for uranium in the Navoi region, central Uzbekistan.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 143, published on July 15 2013)
JULY 10 2013 (The Conway Bulletin) — Kyrgyzstan’s economy yo-yos. Last year, it shrank by nearly 1%; this year estimates predict that it will grow by 7%.
The yo-yo effect depends on political stability, Kyrgyzstan has suffered two violent revolutions since 2005, as well as the health of its biggest industrial project, the Kumtor gold mine. Last year Kumtor, owned by Toronto-listed Centerra Gold, had a poor year and dragged down the entire national economy (it accounts for about 12% of Kyrgyzstan’s GDP).
And mitigating this yo-yo effect is one of the main reasons that international donors have pledged $1.7b in grants and loans to Kyrgyzstan over the next five years.
Earlier this year, the Kyrgyz government, led by President Almazbek Atambayev unveiled an ambitious $13b growth plan. Much of this, the government said at the time, relied on the financial might of Western donors and investors underpinning this ambition.
At a conference in Bishkek on July 10, the World Bank, the IMF and others matched this ambition, giving Kyrgyzstan the chance to stabilise and grow its economy. This should improve the investment environment for foreign companies looking for a foothold in Central Asia too.
The alternative for Kyrgyzstan is more economic, and political, instability
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 143, published on July 15 2013)
JULY 3 2013 (The Conway Bulletin) — British companies signed deals in Kazakhstan worth $1b during PM David Cameron’s two-day trip, local media reported. This was the first trip to Kazakhstan by a serving British PM. Most of the deals agreed were in the energy and mining sectors.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 142, published on July 8 2013)
JUNE 27 2013 (The Conway Bulletin) — Roughly 500 people protested near the Kumtor gold mine in east Kyrgyzstan, media reported, the latest in a series of protests against the Canadian owners of the mine. The protesters want the mine nationalised. Toronto-listed Centerra Gold owns Kumtor, the biggest industrial project in Kyrgyzstan. The Kyrgyz government owns a third of Centerra Gold.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 141, published on July 1 2013)
JUNE 26 2013 (The Conway Bulletin) — A 90m-high chimney at Luxembourg-based ArcelorMittal’s steel factory in the town of Temirtau, central Kazakhstan, was damaged in an accident, media reported. The Temirtau factory is the largest steel making plant in Kazakhstan. There were no casualties in the accident although production will be slowed to repair the damage.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 141, published on July 1 2013)
JUNE 23 2013 (The Conway Bulletin) — The three Kazakh billionaire founders of London-listed ENRC — Alexander Machkevitch, Alijan Ibragimov and Patokh Chodiev — have prepared a new deal to privatise the metals and mining company, media reported. The deal is reported to be worth $4.7b and include a chunk of shares in Kazakh miner Kazakhmys.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 140, published on June 24 2013)
JUNE 5 2013 (The Conway Bulletin) — Production resumed at the Kumtor gold mine in Kyrgyzstan after the authorities lifted a state of emergency. Protesters demanding more benefits from the mine had blockaded the site and clashed with police. The Kyrgyz government and Toronto-listed Centerra Gold, which owns the mine, put a Sept. 10 deadline on talks for a new Kumtor ownership deal.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 138, published on June 10 2013)
JUNE 6 2013 (The Conway Bulletin) — Kazakhstan’s parliament reduced the 2013 state budget by 4% because of low prices for metal and other mining exports. Metals have become an important part of Kazakhstan’s export earnings over the past few years but a global recession and sanctions against Iran, previously a major customer, have hit earnings.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 138, published on June 10 2013)
