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Kyrgyzstan votes against Centerra's Thompson Creek takeover

Published 2016-07-07, 02:10 p/m
© Reuters. Kyrgyzstan votes against Centerra's Thompson Creek takeover
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BISHKEK, July 7 (Reuters) - Kyrgyzstan's state gold company
Kyrgyzaltyn has voted against a planned $1.1 billion takeover of
Thompson Creek Metals TCM.TO by Canadian miner Centerra Gold
CG.TO .
Kyrgyzaltyn, which has a 33 percent stake in Centerra, said
on Thursday it had not been informed about the planned deal in
advance and opposed it because the move would dilute
Kyrgyzaltyn's holdings.
"Unfortunately, the management of Centerra Gold has recently
been including in the (board) agenda issues important to all
shareholders on an unreasonably short notice with no opportunity
for preliminary research," it said in a statement.
Kyrgyzaltyn said it would look at the deal in more detail
once it received the required information from Centerra. The
Kyrgyz company cannot block the deal.
Centerra, whose main asset is Kyrgyz gold mine Kumtor,
agreed on Tuesday to buy U.S.-based Thompson Creek Metals as
part of plans to reduce its exposure to Kyrgyzstan, which has
been trying to get a bigger share of profits from the Kumtor
mine.
Centerra has long been locked in a bitter dispute with the
Central Asian state over Kumtor profit sharing and took it to
international arbitration in May.

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