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(Reuters) – Centerra Gold Inc said it entered into an understanding with the Central Asian state of Kyrgyzstan that could pave the way for joint ownership of the country’s flagship mine. Toronto-listed Centerra said Kyrgyz state gold company, Kyrgyzaltyn JSC, would swap its 32.7 percent stake in Centerra for a 50 percent interest in a joint venture that would own the Kumtor Project. Centerra would also receive $100 million. Centerra has been under pressure to redraw an agreement struck in 2009 to operate the Kumtor mine, hidden high in the Tien Shan mountains. A state commission had said the company was paying too little to run the mine and accused it of damaging the environment. A number of agreements entered in 2009 by the miner and the government would remain in effect, including the one on tax regime, according to terms of the non-binding memorandum of understanding. Centerra would remain operator of the project and Kyrgyzaltyn would receive six million warrants to acquire Centerra shares at an exercise price of C$10. The warrants would be exercisable for two years. All state agency environmental claims against the project would be resolved prior to the restructuring, Centerra said. Reuters

Children’s libraries in Kyrgyzstan are going to receive a new collection of folk tales in the Kyrgyz language. This summer, Kumtor Company donated 5,400 highly decorated books to the International Public Fund “Roza Otumbayeva’s Initiative” for distribution to children’s educational institutions across the Kyrgyz Republic

Kumtor’s management provides full assistance to the State Committee on National Security of the Kyrgyz Republic in the investigation of the fact of extortion, which was unveiled last night by mass media

Results have been summed up as regards the first competition of small grant applications under the Issyk-Kul Youth Banks Project currently implemented by Eurasia Foundation of Central Asia with the financial support of Kumtor Operating Company. More than 40 best project applications have been selected to address the communities’ social problems

A music festival, The World of Unlimited Opportunities, organized by the Issyk-Kul Association of the Physically Challenged, Ravenstvo (“Equality”), and Nazik Kyz Company will be held in Karakol on August 27-28, 2013. The organizers expect to gather more than 100 participants from all regions of Kyrgyzstan. The festival’s main purpose is to destroy the existing stereotypes vis-à-vis the handicapped people. Moreover, it would be an excellent opportunity for physically challenged people to overcome their fear and demonstrate their musical skills. The festival’s program includes pop, folk and dance concerts with chess tournaments and other sports events being held in-between. Prizes and certificates will be handed to winners. Kumtor Company has supported the event and contributed money to encourage the festival winner.

Centerra Gold Inc. (Centerra) and Kumtor Operating Company have summed up the operating results of the 2nd quarter of 2013. In the first six months of 2013, the Kumtor mine produced 161,983 ounces* or 5,038 kg of gold. The Company has contributed more than 2.8 billion soms in taxes and mandatory payments.

Work has begun in Issyk-Kul province on renovation of a first three-km stretch (between 89 and 91 km) of the Balykchi-Bokonbayevo-Karakol motor-road. The said stretch located between Bokonbayevo and Ton was selected by the local authorities as one most wanting repair

KOC heavy-duty equipment and teams continue disaster clean-up operations at Ton and Jety-Oguz, Issyk-Kul province where torrential rains between August 2 and 5, 2013, caused floods and mud torrents, as previously disclosed

DEADLINE HAS EXPIRED

A first-ever Berry and Fruit Festival “Karagat Fest” will be held in the village of Bokonbayevo, Issyk-Kul province, on August 10, 2013. The AVEP Public Fund, which has organized the event with the financial support of Kumtor Operating Company, is promising to arrange a genuine holiday devoted to renowned natural products of Issyk-Kul. As part of the Festival, a grandiose fair is supposed to be organized to enable the visitors to treat themselves to locally produced goods and take part in master classes on jam and juice production as well as take various quizes with prizes and gifts. The purpose of the Festival is to promote berry and fruit production in the region and increase the tourist potential of the southern coast of Issyk-Kul Lake. Therefore, the organizers are planning to make the Festival an annual event, a forum for farmers, processors and consumers to foster partnerships. The Festival timing is not accidental as, first, it coincides with the height of the tourist season – a fact that may serve as an additional opportunity to attract tourists to the region. Second, it’s precisely the time when a new harvest of ecologically pure berries and fruit is gathered in the Issyk-Kul […]

A cycle tour, Issyk-Kul Grand Prix 2013, will take place on August 10. The purpose of the event is to promote sports and tourism in Kyrgyzstan. The organizers invite all sportsmen and amateur cyclists to take part in the tour, which has become a tradition

Bucking the trend of losses and impairments, Centerra Gold Inc. (TSX: CG) posted a second quarter profit during a quarter that has seen enormous losses from gold miners