Centerra Says Mongolia Planning to Revoke Four of its Gold Mining Permits

Centerra Gold Inc., a Canadian producer of the metal, may lose four gold mining licenses in Mongolia as the nation’s government plans to revoke permits on environmental concerns.

The permits are “not material to the company” and its principle Gatsuurt field is not on the list of the 254 alluvial gold mining licenses Mongolia will cull, Toronto-based Centerra said late yesterday in a Marketwire statement. The stock closed down 7.3 percent. It has gained 49 percent in Toronto trading since the beginning of the year.

Mongolia has decided to suspend the activities of 1,782 license holders in wooded and river basin areas in line with a 2009 Water and Forest Law, the nation’s news.mn news portal reported late yesterday, citing Mineral Resources Minister Dashdorj Zorigt. Gold, tin, and iron ore license holders may be affected and their names will be announced in the media, it said.

Mongolia, which has about 4,000 mining license holders, will assess compensation claims based on taxes, expenses incurred, environmental costs and income from the mining operations, the news portal reported. The largest mines are in Bayangol, near the Tumurt, and in Narantolgoi, near Gatsuurt in Selenge Aimag, news.mn said.

Centerra said it continues to talk with the Mongolian government to resolve uncertainty over the implementation of the Water and Forest Law and to get the approval for the commissioning of its Gatsuurt hardrock project. Its main Boroo mine permits are not subject to the law, Centerra said.

Centerra was spun off from Cameco Corp., the world’s second-biggest uranium producer, in June 2004.

To contact the reporter on this story: Yuriy Humber in Moscow at yhumber@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net
source: http://www.bloomberg.com
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers

Live Traffic