You're reading: Kyrgyz parliament votes to revise gold mine license

BISHKEK, Kyrgyzstan — Kyrgyzstan's parliament has backed a motion to review the operating license for a company developing a major gold mine that accounts for 12 percent of the Central Asian nation's economy.

The decree approved by 67 votes
to 11 Wednesday calls for an increase in the government’s current 33
percent stake in Toronto-based Centerra Gold, which is developing Kumtor
mine.

A state commission is to be set up to assess the
environmental damage that deputies say served as a leading motivation
for reviewing the licensing agreement.

This decision will come as a blow to Centerra and will likely serve to further depress investor confidence in the former Soviet nation.

Centerra says Kumtor is in full compliance with Kyrgyz laws and meets international environmental, safety and health standards.