JSC “Talas Gold Mining Company”, JSC “Kyrgyzaltyn”, “Noroks Mining Company LTD” and state agency on geology and mineral resources have reached an agreement in April on prompt development of gold deposit “Djerui.”
On April 19 Government recommenced the license Au-17-00 to develop “Djerui”, issued to “Talas Gold Mining Company” earlier, but then withdrawn. The license was renewed on the condition that “Noroks Mining Company LTD”:
- provides a detailed timeline for prompt development of “Djerui” considering the date of license Au-17-00 renewal by May 15, 2003, along with bank technical-economic assessment (including anticipated scheme for financing construction works) by July 01, 2003;
- begins the first stage of construction works, bearing the costs, by September 01, 2003. The main works are to start by April 01, 2004;
- signs all agreements with international financial institutions to finance “Djerui” project by March 01, 2004;
- starts out industrial production of gold in Q2 of 2005;
In case “Noroks Mining Company LTD” fails to meet one of the above requirements, “Talas Gold Mining Company” license will automatically be annulled. Also, “Noroks» will withdraw from the project with no claims to compensate for the costs if it fails to follow the terms of the agreement “Primary terms for construction and development of “Djerui” mining project of April 05, 2003.
Note: In May, 2002, state agency on geology and mineral resources annulled “Talas Gold Mining Company “ license because it failed to start development of “Djerui” on time.
“Noroks” and state concern “Kyrgyzaltyn” signed an agreement in September, 1998, to start a closed joint stock “Talas Gold Mining Company” , which was registered in December 1999.
NA “AKIpress”, April 30, 2003