Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Homeniuk was Centerra Gold’s first CEO in 2004 after the company was spun off from Cameco to manage the gold project in Kyrgyzstan. (Image courtesy of Free Len.org)
A Bulgarian judge has ruled that Len Homeniuk, a former chief executive officer of Centerra Gold, can be released after paying about $26,000 bail.
The former mining executive, who has spent weeks under house arrest in Bulgaria, was detained in late July while on holiday with his family on a boat cruise on the Danube after Kyrgyzstan put him on Interpol’s wanted list last year. According to the ex-soviet nation, he was involved in “corruption” while at the helm of Centerra – allegations both Homeniuk and Centerra dismiss as baseless.
Even if he is allowed to leave the country, Homeniuk says he’ll stay as he plans to fight the extradition in court.
“I have nothing to hide and nothing to fear,” he was quoted as saying by Canadian Press.
The Canadian mining company, which operates the massive Kumtor gold mine in Kyrgyzstan, has been locked in negotiations with the country’s government over the future and ownership of the mine.
Homeniuk was Centerra Gold’s first CEO in 2004 after the company was spun off from Saskatchewan-based uranium miner Cameco Corp. to manage the gold project in Kyrgyzstan.
