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Kyrgyzstan Review, 10 years ago

[30.04.23] License Recommenced for Talas Gold Mining Company to Develop Djerui

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19 Government recommenced the license Au-17-00 to develop Djerui, issued to Talas Gold Mining Company earlier, but then withdrawn.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

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