Hedge funds slash bullish wagers on gold before war jitters
Speculators have reduced net-long positions by 3.6%.
Centerra Gold Inc. (TSX: CG) announces that it is aware of media reports in the Kyrgyz Republic indicating that the Kyrgyz Republic State Agency of Geology and Mineral Resources (SAGMR) has granted approval of the 2014 Kumtor mine plan.
The Company continues to work constructively with the relevant government agencies; however, at this time, the Company has not received official approval of the 2014 mine plan. Additionally, Centerra notes that the 2014 mine plan requires approval of not only SAGMR but also the Kyrgyz Republic State Agency for Environmental Protection and Forestry.
There can be no assurance that all necessary approvals and permits will be issued by the close of business on June 13, 2014. The Company reiterates the statements from its press release of June 2, 2014 that absent the receipt of such approvals by the close of business on June 13, 2014, it intends to begin an orderly shutdown of operations at the Kumtor project. KGC would retain sufficient staff to provide essential environmental and safety monitoring, security and essential maintenance of the mill and mine equipment.
About Centerra
Centerra is a gold mining company focused on operating, developing, exploring and acquiring gold properties primarily in Asia, the former Soviet Union and other markets worldwide. Centerra is a leading North American-based gold producer and is the largest Western-based gold producer in Central Asia. Centerra’s shares trade on the Toronto Stock Exchange (TSX) under the symbol CG. The Company is headquartered in Toronto, Ontario, Canada.
