Cameco Announces Kyrgyz Parliamentary Ratification of Agreementadmin
April 30, 2009 Filed Under: Precious Metal
Cameco Corporation, one of the world’s largest uranium producers announced that the Kyrgyz Parliament has ratified the agreement that Cameco and Centerra Gold Inc. signed with the Kyrgyz government that is described in Cameco’s April 24, 2009 news release. In addition, the Kyrgyz Parliament has passed legislation authorizing the implementation of all of the terms of the agreement. The legislation has been forwarded to the Kyrgyz President for signature.
As previously announced, the agreement resolves all outstanding issues with respect to the Kumtor gold mine and is expected to further align the parties’ business interests and provide additional certainty for continuing operations and future development of the Kumtor project.
Closing of the transactions under the agreement is dependent upon the satisfaction of certain conditions including withdrawal of all claims and proceedings before the Kyrgyz courts, and any necessary regulatory and other approvals, including TSX approval. The parties have agreed to apply reasonable efforts to close the transaction on or before May 25, 2009.