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Centerra Gold confirms operations in Kyrgyzstan, shares fall 12%

By Andrew Moran     Apr 8, 2010 in Business
Bishkek - Centerra Gold has confirmed it will continue its mining operations in Kyrgyzstan despite the political chaos engulfing the nation. Its shares also fell 12 per cent on Wednesday.
Centerra Gold verified on Thursday that it will continue its operations at its Kumtor mine in Kyrgyzstan, according to the Wall Street Journal Market Watch. The company said it will remain uninterrupted and assured investors that it has not been affected by the political turmoil in Bishkek.
However, Toronto-based Centerra Gold is monitoring the situation very closely to ensure conditions remain safe for its workers at the mine and to transport people and supplies to and from the mine.
After Wednesday’s chaos in the Kyrgyz republic, Centerra Gold Inc.’s shares dropped significantly by nearly 12 per cent. In the early part of Wednesday’s trading day at the Toronto Stock Exchange, the stock fell by more than 15 per cent, reports CBC News.
At the end of the trading session, its shares lost $1.87 to $10.17 and fell 11.5 per cent.
Centerra Gold spokesperson, John Pearson, said that nervousness and political instability led to the selloff of shares, reports the Globe and Mail. It’s mine is about 220 miles southeast of Bishkek.
“We haven't seen any impact on our ability to move people or supplies back and forth from the mine. The mine is still operating,” said Pearson.
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